Growth Fund - Loans & Equity Case Study
Enjays began as a creperie in Headingley in 2005 and has grown to become a leading supplier of waffles, pancakes and crepes. In 2013, the business received a £350,000 Equity Linked investment from Finance Yorkshire which enabled Enjays to broaden its product range and create new jobs.
Enjays, led by Managing Director Jon White, is planning for considerable growth in the next 12 months following the successful introduction of targeted products for the food service sector. These include a reduced sugar range which is proving very popular with schools, colleges and the healthcare sector. Enjays has also recently launched its Waffletops brand, a range of coated topped waffles aimed at the coffee sector as an alternative to muffins and cookies.
Finance Yorkshire Involvement
A second Equity Linked investment of £300,000 from Finance Yorkshire is enabling the business to further develop its infrastructure, including sales, marketing and branding resource, alongside capital investment in Enjays’ Leeds factory to increase throughput of its products.
Jon White said: "In the last 18 months we have more than doubled our turnover and we are aiming to achieve the same level of growth within the food service sector over the coming 12 months."
The Investment Rationale
Ian Brown, Finance Yorkshire’s Portfolio Director, said: "The growth at Enjays is testament to the passion and commitment of the management team and we have every confidence in their future success.
"They have cleverly tapped into the needs of certain food service customers with sector-specific products such as the reduced sugar range, and with the infrastructure in place to support their continued growth, the sky is the limit."
The capital from Finance Yorkshire has come at a crucial time for Enjays, enabling the business to put the infrastructure in place to facilitate a high level of growth.
Jon White added: "We produce everything within the UK and our core strengths now span the pancake and waffle category which means we have a compelling offering for customers across the food service and retail markets."
Note: this case study is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire