Devon dessert maker opens new premises
A South Devon headquartered dessert manufacturer has relocated to a new 20,000 sq.ft site, with support from Lloyds Bank Commercial Banking.
Eaton’s Patisserie, founded in 2010, hand make over 300 varieties of desserts ranging from baked puddings, individual desserts to large gateaux, for customers in the hotel, catering, retail and wholesale sectors.
The business has recently secured new business contracts, resulting in it outgrowing its former 3,500 sq.ft manufacturing site. The management team turned to Lloyds Bank for a six-figure loan to buy the new premises on Combe Road, Torquay, increasing capacity fivefold from its previous site in Kingsteignton.
The move is set to double annual turnover from £3m to £6m and increase the workforce from 40 to 80 in the next five years.
A working capital facility has also been put in place to allow the business to invest in new equipment for the site, including ovens, without impacting day to day cash flows.
Russell Eaton, managing director at Eaton’s Patisserie, said: “First and foremost, delivering high quality cakes and desserts to our customers is at the heart of everything we do. Whilst some of our orders are large scale, our homemade, traditional credentials do not falter. Our investment into our manufacturing site, equipment and colleagues will allow us to continue growing our customer base and developing our product line, to the high standard for which we are already renowned.
“Limited space at our old premises was stifling our growth. We wouldn’t have been able to take the steps to futureproof the business without the support Lloyds Bank has shown us.”
Andrew Blanchard, relationship director for SMEs at Lloyds Bank Commercial Banking, said: “The UK’s food and drink industry is vital to our economy – contributing £28bn annually and employing 400,000 members of staff. The new facility in Torquay will allow Eaton’s Patisserie to continue bolstering this sector and the local economy, as well as investing in its already much-loved dessert portfolio.
“At Lloyds Bank Commercial Banking, we are committed to supporting businesses of all shapes and sizes, which is why we have increased our net lending to start-up, SME and mid-sized businesses by £2bn.”