The Development Bank of Wales has provided a £250,000 loan to an Anglesey-based frozen yoghurt manufacturer.
Plas Farm will use the finance to purchase new equipment and machinery as well as funding a sales and marketing campaign.
The company was established in 1987 by David Williams (pictured above, right) and now employs 28 people, with additional seasonal staff when required.
Plas Farm’s product range includes frozen yoghurt, ice cream, chilled salads and health foods.
Its turnover is predicted to double to over £4m in the next five years, with organic and non-organic frozen yoghurts making up over 50% of sales.
Rhian Williams, director at Plas Farm (pictured above, centre), said that frozen yoghurt was becoming increasingly mainstream as consumers looked for healthier alternatives to ice cream.
“The market for frozen yoghurt across Europe has grown steadily over the last five years as consumers demand healthier options.
“Agility and speed of product development are critical factors of our business strategy as we look to capitalise on increased demand for healthier desserts, specifically frozen yoghurt, vegan and reduced-sugar frozen desserts.
“Working capital is essential to maintaining and building market share and, like all businesses, easy access to finance is therefore needed to fund future growth.
“The support from our dedicated account manager at the Development Bank of Wales has been superb; he has taken the time to get to know our business, understand our requirements and offer a funding package that meets our exact needs.
“In fact, the whole process really has been pain free and not as scary as we had first imagined.
“We’ve now got the capital and the confidence to take the business to the next stage of development, while maintaining our roots firmly here in Anglesey.”
Rhodri Evans, regional manager of north Wales at the Development Bank of Wales (pictured above, left), added: “Plas Farm is an established food manufacturing company that has carved out a niche for itself in frozen yoghurt production that makes great use of Welsh milk.
“An accomplished export business with a strong trading history, Plas Farm benefits from an experienced management team with real ambitions to grow the company.
“They are an ideal fit for the finance available from the new development bank.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Aldermore introduces new lending tiers
Aldermore has announced the launch of two new lending tiers across its standard range of residential mortgages.
Al Rayan increases profit rate on instant access cash Isa
To celebrate Ramadan, Al Rayan Bank has increased the expected profit rate (EPR) on its instant access cash Isa from 1.22% GPA (gross per annum) to 1.35% GPA.
Close Brothers hires new motor finance CEO
Close Brothers Motor Finance has announced the appointment of Rebecca McNeil (pictured above) as its chief executive officer.
Hampshire Trust Bank appoints Matthew Wyles as CEO
Matthew Wyles (pictured above) is set to become the new CEO at Hampshire Trust Bank, subject to regulatory approval.
U Account introduces cash pay-in option
U Account has launched a cash pay-in option for its 50,000 current account customers.
Aldermore provides £6.27m loan for south London development
Acre Invest has agreed a £6.27m funding package with Aldermore to build a large commercial unit and 18 apartments in Sydenham, south London.
Metro Bank to launch AI-powered money management service
Metro Bank has announced the upcoming release of Insights, a new artificial intelligence-powered money management service.
Over 500,000 complaints made about current accounts
The FCA has revealed that 509,047 complaints were made to financial services firms about current accounts during the second half of 2017.
A guide to ethical banking
Some 56% of workers with a pension are interested in investing in community projects, according to recent research.
Countingup partners with PrePay Solutions
PrePay Solutions (PPS) has joined forces with challenger bank Countingup to provide business accounting and banking together in one place.