Bakers on the rise with £200k funding boost
An independent bakers in Swansea has launched a range of gluten-free products, after a £200,000 funding package from Lloyds Bank Commercial Banking enabled it to redevelop a section of its bakery.
Panini’s makes bread, sandwich fillings, wraps and ciabattas at its 10,000 sq ft bakery on Swansea West Industrial Park.
It decided to redevelop a section of its bakery after experiencing an increase in demand for gluten free products from key clients.
To fund the renovation and buy the specialist equipment needed, the management team approached Lloyds Bank Commercial Banking. The bank provided a £200,000 hire purchase facility, which enabled the firm to buy the new machinery and spread the payments over an agreed timeframe.
Founded in 1997 by brothers Giovanni and Fabrizio Amieni, the business has grown from being a small high-street bakers to a successful manufacturer. The business is expected to achieve a turnover of £2.5m in the next 12 months.
Giovanni said: “The new glutenfree range has been a hit with all of our customers, and it’s great to know that more people across the country can now enjoy our food.
“We’re always looking to develop new products. Our chef is currently looking to expand both our traditional and gluten-free ranges to ensure that our customers continue to have an exceptional choice of high-quality products.
“We’ve worked with Lloyds Bank for a number of years, and it’s been beneficial to work with a team of relationship managers who completely understand our business and can provide support that is exactly suited to our needs.”
Lesley Williams, relationship manager for Lloyds Bank Commercial Banking, said: “Panini’s is a successful independent business that makes a huge contribution to the local economy, employing 40 people across the area.
“The demand for gluten-free food has seen double digit growth over the past few years and is a trend that is expected to continue. The range of new products is expected to double Panini’s turnover over the next two years. We are dedicated to helping Britain prosper, which is why we have increased our lending to small businesses by 29% since 2011, while the market has contracted by 12%.”