Family business targets ‘coffee on the go’ market
A family business is feeding Britain’s love of coffee with a new range of vending machines, launched with backing from Finance Yorkshire.
LTT Vending specialises in hot drinks machines for offices, a £150,000 Business Loan from the regional funding body has led to the launch of Expresso Plus, a new brand targeting the “coffee on the go” market.
With Britons spending over £122 million each week on coffee, more locations are looking to install a takeaway hot drinks offer, including convenience stores, petrol forecourts, universities, colleges and hospitals.
Expresso Plus offers a range of free-standing or table-top machines and a menu of drinks that includes Nescafe, Lavazza and PG Tips.
Graham Kingaby, Deputy Managing Director of LTT Vending, said: “The appetite for coffee shows no sign of diminishing. As long as the consumer wants coffee, we need to provide convenient ways for them to buy it.
“For years, people have put coins in a slot and received a poor quality drink. We offer a higher quality drink with a higher return for the retailer. We have ambitious plans for growth on the back of this.”
LTT Vending employs around 150 people across the UK, and is owned by Managing Director Edward Selka and Michael Levi. Its head office is on the Gildersome Spur industrial estate in Morley, Leeds.
The Finance Yorkshire Business Loan has significantly contributed to the business being able to buy the latest coffee equipment and invest in staff. It has just appointed a brand guardian for Expresso Plus, who has been trained as a barista to drive quality and consistency.
“With this funding, we have been able to create the highest quality impression that gives retailers the confidence we can deliver” added National Account Director, Manish Shah.
Finance Yorkshire Investment Manager Jonathan Craig said: “The on-the-go coffee market is showing strong growth. The Expresso Plus brand is well placed to capitalise on that with a high quality product and service offer.”
The deal was introduced to Finance Yorkshire by Oliver Hoffman, National Head of Corporate Finance at Mazars.
It provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
The project is supported financially by the European Union. It has attracted £30m investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15m from UK Government and £45m match funding from the European Investment Bank.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or call 0845 649 0000.
Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire