Here’s how a tailor-made asset finance solution enabled an already successful bakery business to grow and expand further.
Based in the Midlands, Swifts Bakery is a fifth-generation family business with 150 years history. Current Director and Owner, John Swift, has starred in the BBC series ‘Victorian Bakers’ due to his vast expertise in the industry.
John is still in partnership with his father Richard Swift, who owns ‘Richard C Swift Limited’ – (RCS). Swift Bakery manufacture all the bread and cakes for RCS Ltd and also supply a further 60 accounts direct. Over time, John will purchase his father’s shares and incorporate RCS into Swift Bakery.
A decision was made to move Swift Bakery to a new, purpose built and larger bakery, due to investing heavily in the latest equipment to cut down cost on staffing whilst increasing production at the same time.
One of John’s primary aims for his new business venture is to become heavily involved in the production of Gluten Free products, which will then be available to order online and distributed across the UK using a next day delivery service.
To successfully start his new business, John needed a variety of new equipment such as ovens and a new pinner and roller. Initially, he looked into bank funding but was unsuccessful with being a new start business.
Following their own personal experience and relationship with Close Brothers Asset Finance, a close family member suggested that John should contact them to discuss finance options in funding a KOMA – Retarder Prover and Recovery unit.
Sam Evans, Area Sales Manager at Close Brothers Asset Finance, reviewed the business requirements and found that a Hire Purchase and Sale and HP Back product would be the ideal finance solution. The Hire Purchase product would allow for the needed equipment to be purchased for the new premises, whilst the finance from the Sale & HP Back product secured the new KOMA system from Holland.
The KOMA machine will allow the team at Swifts Bakery to make all its dough during daytime hours and put it in the machine to proof overnight. Without this piece of equipment, John would need to employ staff to work through the night to mix dough and keep an eye on it proofing and deciding when it is ready to bake.
Furthermore, reaching out to Close Brothers meant that John could focus on running the business whilst Sam Evans focused on chasing invoices and arranging delivery dates of the equipment.
John Swift, Director and Owner, Swifts Bakery Limited said: “Having the new KOMA machine means increased production and saving considerably on staffing costs. I cannot fault the support and advice from Sam and the team at Close Brothers Asset Finance and we are now in a position to grow and expand.”