British confectionery firm gains funding for global export market
A London-based confectionery business, which counts Selfridges and Harvey Nichols among its stockists, has grown its international footprint and doubled its turnover, after securing a working capital facility from Lloyds Bank Commercial Banking.
Jealous Sweets was founded in Tooting in 2010 by friends Taz Basunia and Imran Merza, who left their City banking careers in October 2010 to enter the world of confectionery.
Having spotted a gap in the market for a modern, sophisticated and healthier sweet brand, the duo launched a range of vegan treats aimed at adults. The jellies, which come in an assortment of flavours, are also free from gluten, artificial colours, flavours and preservatives.
Forming part of Lloyds Bank’s pledge to support firms in the capital with £2.6 billion of lending this year, the working capital facility has helped Jealous Sweets to expand further into Europe and the Asia-Pacific region while supporting cash flow. Recent high-profile listings include Hong Kong-based Mannings, a health and beauty retailer, as well as Wellcome, a supermarket chain.
The funding has also allowed the business to fulfil new large orders from major UK retailers including ASDA and Holland and Barrett.
Following this string of new business wins, Jealous Sweets has doubled its revenue and is set to generate an annual turnover of £4 million by 2020, by continuing to grow its client base, both at home and abroad.
Taz Basunia, co-founder, Jealous Sweets, said: “Our aim is to create a global and iconic brand – and we’re targeting growth not only in the UK market, but also in Europe and APAC, where we see huge opportunity.
“Lloyds Bank has been a breath of fresh air, taking time to understand our story and our ambitions and tailoring a funding package to our needs.
“As well as expanding our client base on home turf, we’ve also been able to pursue exciting opportunities overseas – allowing us to fulfil new orders that we simply couldn’t have done before.
“We have every confidence that we’ve found the right banking partners for us, both now and for the future, and that they’ll be firmly by our side throughout our growth journey.”
Keith Breavington, associate director, Global Transaction Banking at Lloyds Banking Commercial Banking, added: “Jealous Sweets is a fantastic example of an innovative company that is targeting the more conscious consumer without compromising on taste.
“The business already has an excellent reputation in the UK, but to push forward with the next phase of its expansion, it needed the correct funding in place.
“The support we’ve provided Jealous Sweets will help the company to fulfil its growth aspirations and drive the business forward, without impacting day-to-day cashflow – a prime example of how we’re helping Britain prosper.”