Bakedin is one of the first companies to receive funding from the new Enterprise M3 (EM3) II Funding Escalator, financed by EM3 Local Enterprise Partnership (LEP) and managed by The FSE Group. The Basingstoke manufacturer of home baking kits has experienced significant growth over the past three years and has now secured a £150,000 Expansion Loan to grow the business further.
Founded five years ago by three friends with a passion for baking, Bakedin offers a home baking experience made a little easier by providing conveniently packaged, pre-weighed and measured dry ingredients for a variety of recipes. Their range features well-known favourites such as chocolate brownies and iced buns as well as some more unusual culinary delights including gin & tonic cupcakes and whoopie pies.
Since securing a farm shop outside Newbury as its first stockist in 2014, the business has gone from strength to strength and is now available in over 1,000 outlets. In addition to its retail store offering, Bakedin offers a subscription service, taking advantage of the boom in this niche sector led by companies such as Hello Fresh and Graze. It has also gained the endorsement of one of the world’s most renowned pastry chefs, Michel Roux, who helps to develop recipes for the company. The result of this activity has been a rapid climb in sales to almost £1million last year.
In order to meet growing demand and ensure the manufacturing operation is fit for continued growth, Bakedin moved into larger premises in September, part-funded by the EM3 loan. Remaining funds will be used to further product development, develop new sales channels and take on additional staff. The company anticipates increasing its number of employees from 13 to 25 over the next two years.
Joseph Munns, Bakedin co-founder and managing director, says: “This is a really exciting time for us – the internet is awash with baking blogs and vlogs and the success of shows such as The Great British Bake Off is testament to people’s interest. Finding a funder that recognises the potential of our business and of the wider market is invaluable; FSE is supportive of both our business model and our plans for growth. The recent move into our new premises means that we can now fully embrace the opportunities that are open to us we look forward to continuing to work with FSE as we pursue our goals.”
James Edwards, Senior Fund Manager at The FSE Group, comments: “Bakedin has done a fantastic job in establishing itself at the forefront of a niche and growing market in a short space of time. The team has successfully crafted partnerships and endorsements to support this, placing the business in an ideal position to fully exploit every opportunity. We have been providing funding to high growth businesses on behalf of Enterprise M3 LEP for the past four years and we are delighted to be able to continue to support innovative, ambitious businesses like Bakedin with this new and enlarged Funding Escalator.”
Kathy Slack, Director, Enterprise M3 LEP, comments: “Enterprise M3 is an entrepreneurial and innovative area, with a higher than average number of businesses, compared to the rest of the country. We are proud to support our outstanding SMEs, like Bakedin and help them grow. Greatly innovative and creative, Bakedin embraces new technologies, ideas trends and ingenuity as it goes from strength to strength, creating opportunities for the local economy and job market.”
The Enterprise M3 Funding Escalator II is £10million initiative funded by Enterprise M3 Local Enterprise Partnership. The escalator, which includes an expansion loan scheme, a trade finance loan scheme and an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.
For more information about the Enterprise M3 Expansion Loan Scheme please visit http://www.thefsegroup.com/enterprise-m3-expansion-loan-scheme or contact James Edwards at firstname.lastname@example.org tel: 01276 608531.
For more information about Bakedin, visit www.bakedin.co.uk.