Mrs Tilly’s Confectionery, based in Stirlingshire, has said the finance from HSBC will also support its global expansion plans.
The family business aims to increase its footprint in Canada following export growth to European countries including France, Germany, Denmark, Switzerland and Poland.
‘Wider international audience’
Blair Paterson, md of Mrs Tilly’s Confectionery, said the investment would help the business, founded in 1997, and strengthen its position in global markets.
“We have ambitions to grow the business and take Mrs Tilly’s fudge and tablet [a Scottish sweet] to an even wider international audience,” Paterson said.
“We are very proud of our heritage, knowing that our products are being enjoyed by people around the world.”
The company said that the new machinery would make its production process 5% more efficient in order to help it meet rising demand.
‘Enter new markets’
Last year Mrs Tilly’s sold more than 2M bars of fudge and tablet, increasing its international sales to about 3% of turnover.
This number is expected to hit 10% by the end of 2016 and the turnover is expected to grow to £5M within five years.
The finance package came from HSBC’s small and medium-sized enterprises fund, which includes £400M earmarked to support Scottish firms.
Susan Rowand, head of business banking for HSBC in Scotland, said: “Mrs Tilly’s already has a presence overseas, but is looking to enter new markets and make Mrs Tilly’s fudge and tablet a truly global business.
“They have all the ingredients required to be successful, and we are pleased to be part of this exciting period, supporting its growth.”
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Mrs Tilly’s Confectionery at a glance
- Sold more than 2M fudge and tablet bars in 2014
- Turnover expected to grow to £5M within five years
- Secured £1.6M finance package from HSBC