A LUXURY Fernhurst candle makers will be lighting the way thanks to £3m in funding from HSBC.
The money will enable Contract Candles to acquire Suffolk-based Oakleaf Candles and open a second manufacturing site in Chichester, West Sussex.
Contract Candles, near Haslemere, supplies some of the biggest luxury retailers in the UK with bespoke scented candles and reed diffusers. Founded in 2004, the company has experienced significant growth as the popularity of quality scented candles continues to rise, with its turnover doubling to £7.5m between 2012 and 2015.
HSBC created a tailored programme of funding to support Contract Candles’ growth, providing a £2m invoice finance facility, a £500,000 equipment finance line, and an additional £500,000 loan to support the acquisition of Oakleaf Candles.
The invoice finance will allow the business to meet the increased product demand, while the equipment finance has supported the purchase of additional machinery and will also be put towards the fit out of the company’s new Chichester premises.
Allan Thompson, managing director of Contract Candles, said: “We’ve experienced fantastic growth over the last few years and, as a result of our increasing client demands, it’s been absolutely vital that we expand.
“We wouldn’t have been able to do this so quickly without the funding from HSBC. Its support, and in particular the guidance from our relationship manager Neil Hilton, has been pivotal to our success. The bank’s team put together a programme of funding closely tailored to our needs and I look forward to our continued partnership in the future.”
Rhydian Davies, regional head of corporate banking for HSBC in the South and East, added: “With the planned opening of its Chichester site and the new acquisition of Oakleaf Candles, 2016 is set to be a hugely exciting year for Contract Candles.”