27 October 2016 16:00
Sweet success following funding from SWIG Finance
Buttermilk Confectionery increases its production capacity following investment from SWIG Finance.
The Bodmin-based fudge and confectionery producer sought funding in order to expand its premises and streamline their production processes while retaining their artisan methods. The Cornish family business creates confectionery in small batches in copper pans but wanted to invest in new equipment to allow them to pour and process product more quickly.
Buttermilk were successful in accessing a £50,000 loan from Responsible Finance Provider, SWIG Finance as part of a funding package alongside South West Growth Fund and Natwest Bank.
Finance Director, Lisa Oakes says:
“Confectionery is a rapidly moving market and it’s important to the business that we continue to innovate. Part of our production capacity enhancement is the development kitchen so we can create small trial batches and test new products.
“The funding and support from SWIG Finance has been integral to allowing us to invest in our business and remain competitive in the market.”
Making artisan fudge since 1964, the business is now run by Tracy and David Goad who took over from David’s parents in 2010 with a vision to transform the business from a Cornish holiday trade fudge maker to a year round business and employer by entering national and international markets. Their range is designed to meet the occasional indulgent needs of consumers and is created in treat sizes, sharing boxes and gift presentation boxes.
The business is now turning over £2.6 million and wants to grow to over £3 million turnover in the next year. Lisa says,
“Buttermilk is an ambitious business and we have high growth aspirations.
“We have listings in national grocers, local and regional retail outlets as well as selling direct to consumer via our website and shops. We plan to continue to develop our sales and streamlining our operation following this investment is central to this goal.”
Managing Director at SWIG Finance, John Peters says:
“Buttermilk is a booming family business. I am delighted that we have been able to support their plans to make more of their excellent fudge and create more Cornish jobs.”