Stokes Sauces relish the opportunity for growth

 Read time: 5 mins      Added: Date: 24-02-2020

Share:   LinkedIn     Twitter     Facebook     Share via email     Copy link to clipboardLink copied to clipboard

A British company that makes sauces and condiments for retailers around the world has doubled its capacity and launched new recyclable packaging after securing a £450,000 funding package.

Stokes Sauces, which makes condiments including ketchup, chutney and jam for major brands in more than 50 countries worldwide, including Waitrose and Sainsbury's in the UK, has extended its existing production line to meet growing demand. It has also expanded its existing product range with a new line of recyclable 'squeezy' bottles and introduced a new reduced sugar variant.

Innovation leading to expansion

As well as extending their manufacturing facility, the Suffolk-based sauce maker, which makes more than 15 per cent of its sales overseas, has invested in new machinery including a steam cooking system, labelling machine and a capping machine.

The six-figure funding package, which forms part of Lloyds Bank's commitment to lend £1.7 billion to businesses in the East of England, will also help the firm create 10 new jobs over the next 12 months, and increase its annual turnover by 25 per cent to £8.75 million.

Rick Sheepshanks, founder and managing director of Stokes Sauces, said: "The new recyclable 'squeezy' bottles have been very well received, tapping into the current customer demand for convenience. This range was made possible due to our new processing plant, which has doubled our capacity by improving efficiency and production, as well as helping us add new flavours to our product range."

"With the financing options provided by Lloyds Bank, we had the financial backing we needed to be able to invest in the specialist machines as quickly as possible, which has in turn given us a solid platform for growth over the next twelve months."

Rick Sheepshanks, founder and managing director of Stokes Sauces

Jonathan Hirst, relationship manager at Lloyds Bank Commercial Banking, said: "We're committed to standing by the side of businesses, which is why we support ambitious companies like Stokes Sauces. The business has a track record of strong growth and we look forward to helping it on the next phase of its expansion plans.

"Stokes Sauces is an excellent local brand with growing popularity. The business is flying the flag for the East of England both nationally and internationally, and the coming months look to be a very exciting time for the team."

Manufacturing

Find out how we are supporting Manufacturing businesses

Manufacturing

Important legal information

The products and services outlined on this site may be offered by legal entities from across Lloyds Banking Group, including Lloyds Bank plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc and Lloyds Bank Corporate Markets plc are separate legal entities within the Lloyds Banking Group.

Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service. Please note that any data sent via e-mail is not secure and may be read by others.

Lloyds Bank is a trading name of Lloyds Bank plc, Bank of Scotland plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no.2065. Bank of Scotland plc. Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland no. SC327000. Lloyds Bank Corporate Markets plc. Registered office 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 10399850. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278, 169628 and 763256 respectively.

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.

Lloyds Banking Group includes companies using brands including Lloyds Bank, Halifax and Bank of Scotland and their associated companies. More information on Lloyds Banking Group can be found at www.lloydsbankinggroup.com

While all reasonable care has been taken to ensure that the information provided is correct, no liability is accepted by Lloyds Bank for any loss or damage caused to any person relying on any statement or omission. This is for information only and should not be relied upon as offering advice for any set of circumstances. Specific advice should always be sought in each instance.