Lancaster-based Sous Vide Tools is set to expand after securing a £700,000 funding package from HSBC.
The company, which serves as both a commercial and retail supplier, will use the trade finance facilities from the bank to increase the range and quantity of its stock, which is mainly imported from the China, by up to 25%.
Driven by strong demand from customers overseas, the business is also expanding its logistics and sales teams to support export to markets in the USA and Scandinavia, establishing a new dedicated office in Norway.
The retailer expects to grow its revenue by 25% over the next 12 months and plans to create eight new jobs at its Lancaster base, as well as opening a new London office, creating a further two jobs.
Alex Shannon, managing director at Sous Vide Tools, said: “Our trading philosophy is simple: we source and supply the most innovative and unique products available. It’s due to the range and quality of our products, as well as our customer service, that we have been able to build such a large customer base, including some of the world’s leading chefs. With the support of HSBC we now have the opportunity to reach even more customers in the UK and abroad.”
Jon Higginson, HSBC’s Commercial Manager for Lancashire and Cumbria, said: “Sous Vide is a fine example of a dynamic Lancashire business that is geared for growth through export. It is a pleasure to support the business as it undergoes rapid expansion and we look forward to seeing Alex’s team continue to grow.”
Established in 2011, the business has grown to become one of Europe’s leading retailer of sous vide cookery tools, equipping professional chefs and foodies in the UK and across the world.
The company sells a full portfolio of equipment needed for sous vide cooking and is the exclusive supplier of the leading brands Polyscience and SousVide Supreme.
The sous vide technique involves vacuum sealing food before immersing it in a water bath at a precisely-controlled temperature for up to 72 hours, helping eliminate the risk of human error and guaranteeing precise cooking. It is used by the world’s leading chefs.