London confectioner grows global reach with Lloyds facility
A London-based confectionery business has doubled its turnover and grown its international footprint after securing a working capital facility from Lloyds Bank Commercial Banking.
Jealous Sweets, which includes high-end department stores Selfridges and Harvey Nichols among its stockists, has secured the facility in order to meet its growth plans and boost its presence overseas.
Established in Tooting in 2010, the company has its products stocked in the stores of grocery retailer ASDA as well as health food brand Holland and Barrett.
Founded by former city bankers Taz Basunia and Imran Merza who identified a gap in the market for a healthy sweet brand, the pair launched a range of vegan a gluten-free treats free from artificial colours, flavours and preservatives.
With the support of the new facility from Lloyds Bank Commercial Banking, the company, which also has its products stocked in ASDA and Holland & Barrett, aims to generate an annual turnover of £4m by 2020 as well as expanding to new countries.
Taz Basunia, co-founder of Jealous Sweets, commented: “Our aim is to create a global and iconic brand, and we’re targeting growth not only in the UK market, but also in Europe and APAC, where we see huge opportunity.
“Lloyds Bank has been a breath of fresh air, taking time to understand our story and our ambitions and tailoring a funding package to our needs.
“We have every confidence that we’ve found the right banking partners for us, both now and for the future, and that they’ll be firmly by our side throughout our growth journey.”
Keith Breavington, associate director of global transaction banking at Lloyds Banking Commercial Banking, added: “Jealous Sweets is a fantastic example of an innovative company that is targeting the more conscious consumer without compromising on taste.
“The business already has an excellent reputation in the UK, but to push forward with the next phase of its expansion, it needed the correct funding in place.”
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