Premium desserts developer and manufacturer, Rhokett has secured a £1.5 million funding package from HSBC to open its third factory in Hawkhurst, Kent.
The expansion will allow the desserts supplier to double capacity and increase output of its own range of Rhokett branded cheesecakes and own label bespoke desserts. These will be provided to a growing range of customers including M&S, Waitrose, Pret and J. Sainsbury.
HSBC provided Rhokett with a term loan of £900,000 and an asset finance facility of £600k to help finance the fit out of the new factory, situated opposite the company’s second factory. The business has grown over 20% per annum for the last 10 years, and now has a turnover of £12m. The new factory will create over 50 new jobs and Rhokett expects turnover to increase to over £15 million next year and further beyond that.
Matt Povey, Corporate Banking Relationship Director for HSBC in Kent, said, “Rhokett has experienced great success since launching in 2002, with an impressive customer portfolio featuring some of the nation’s most famous retailers and eateries. With such rapid growth and a new range launching, the company needed a third factory. Our team worked closely with Rhokett to ensure a bespoke funding package was created to best support the business during its continuing expansion.”
Peter Le Voir, Chairman of Rhokett, commented, “We are very excited to be opening the new factory shortly. Without HSBC’s support the development of this facility and our business since inception wouldn’t have been possible. The doubling of capacity is in response to high levels of demand for our bespoke desserts, cakes and related products. We are proud of the contribution that we can make including the provision of increasing employment opportunities.
