A London-based premium dessert manufacturer is set to boost its international trade after securing a new £1.2million funding package from Lloyds Bank Commercial Banking, supported by UK Export Finance.
Pots & Co, which produces high-end pudding pots for stockists including British Airways, Selfridges and Eat, is targeting further growth in North America, which currently accounts for more than half of its £17million turnover.
The new funding facility, which is part of a £2.6billion lending commitment from Lloyds Bank to businesses in the capital this year, will enable Pots & Co to meet an anticipated uptick in demand for its products as it looks to secure contracts with major US retailers including Walmart, Whole Foods and Safeway.
Led by entrepreneur Julian Dyer and Fraser Thomson, who was previously a chef at Michelin-starred London restaurant, The Square, Pots & Co’s desserts are currently stocked by Costco across the US.
The business plans to boost its global sales to more than 24million units annually, supported by the new funding which will enable it to increase its stock of raw materials, including imported high-grade cocoa from Fairtrade farmers in Columbia.
Julian Dyer, founder of Pots & Co, said: “Pots & Co has grown rapidly since we started the business in a small rented kitchen just six short years ago. Our success in the UK has led to significant traction in the US and we have huge ambitions to build our exports based on our continued commitment to exceptional taste and high quality ingredients.
“North America has quickly become our number one avenue for international growth and will form a key part of our strategy for the foreseeable future. Having Lloyds Bank by our side has given us the flexibility to scale up at speed while targeting essential new contracts and maintaining our commitment to using ethically-sourced products from around the world.”
Terri Rose, relationship director at Lloyds Bank Commercial Banking, said: “Pots & Co is an outstanding example of how a business can be sustainable in its growth through an ambitious and considered strategy for global expansion. We’re proud to support ambitious London brands flying the flag for British business overseas as we continue to help Britain prosper.”