A Blackpool-based manufacturer is set for a huge sales boost after securing a £1million funding package from Yorkshire Bank to support a major new contract.
Booth Dispensers is hoping to create up to 20 jobs over the next 12 months after winning a deal to supply its refrigerators and chillers to one of the world’s biggest coffee companies.
The company, which has 85 employees and is a major exporter, has secured a £1million working capital facility under Yorkshire Bank’s Investing for Growth package to help it service the new contract.
Booth Dispensers, which makes a range of water dispensing chillers and vending refrigerators, was hit hard when the recession began and the business downsized considerably as sales fell.
However, significant investment in research and development has enabled it to launch new products and the business is on target to hit a turnover of £6.5million in 2011, up from £3.6million in 2009.
Phil Elliott, managing director of Booth Dispensers, said: “We’ve almost doubled in size since 2009 and we’re predicting a similar level of growth over the next two years, so this funding package from Yorkshire Bank is vital to support our working capital requirements.
“We make all of our products here in Blackpool, which gives us total flexibility and no reliance on third parties, and I believe this has been a major factor in our recovery, giving us the edge over our competitors.”
Andy Nurse, business partner at Yorkshire Bank’s Preston Financial Solutions Centre, which provided the funding, said: “Booth Dispensers is a fantastic example of how a business can respond positively to recession by developing and growing new markets in difficult conditions. Through innovation and hard work the company has secured a bright future.”
The company’s new contract will see it supply around 20,000 refrigerators a year to provide coffee machines with freshly chilled water.
As well as its UK business, Booth Dispensers exports mainly to Europe but its products are supplied indirectly to almost every world market. The products are used in a range of applications from vending machines, coffee machines, water and soft drinks dispensers, and in the brewing sector to keep beer cool.
Yorkshire Bank introduced its Investing for Growth package in 2010. It offers a dedicated business planning service and flexible approach to investment finance to enable businesses to invest in quality growth opportunities.