Aspall Cyder toasts £1.5m funding with fresh growth strategy
Suffolk-based Aspall Cyder, which creates and distributes apple juice, organic cider and vinegar around the UK, has secured a £1.5 million inventory finance facility from HSBC.
This will complement its existing £7m receivables finance arrangements in a structured asset based lending package from the bank.
The funding will be used for in-house innovations, allowing the business to significantly increase the volume of cider it produces.
To improve efficiency, Aspall plans to update its equipment as well as purchase the apple juice storage tanks which it currently rents.
The HSBC funding has also supported the development the company’s own bottle plant, which will allow Aspall to increase the number of bottles it fills each day. Following the in-house innovations, the business will also look to expand with the acquisition of existing cider houses.
Des Smith, chief executive of Aspall Cyder, said: “Cider is a centuries old drink and we have been making it since 1728. Being such a historical drink it’s crucial we strike the right balance between traditional production techniques and industry innovations, to ensure success.
“HSBC has played a vital role in our development by providing financial support as well as invaluable industry insight. This latest funding will allow us to continue to innovate and develop new types of cider.”