LEEDS-based residual stock management specialist and confectionery producer Morris & Son has secured a £3.25m finance package from HSBC’s West Yorkshire Commercial team to help it grow.
The company operates two main divisions – Morris & Son (Leeds) Ltd and Stockleys Sweets. Morris & Son specialises in wholesaling clearance food and drink that is short-dated or is excess stock to small independent retailers, discount stores and the main discount chains in the UK.
Stockleys produces a wide range of boiled sweets and fudges, including lemon sherberts, herbal candy, cinder toffee and pear drops, supplying high end retailers as well as traditional sweet shops and hamper companies. The business is also looking to expand its international sales into new markets.
Invoice finance forms a large part of the overall finance package, providing the company with a flexible source of working capital, allowing the business to release the value of its sales ledger to accelerate expansion.
Morris & Son was incorporated in 1999 and now generates sales of over £17m a year. The company operates out of sites across Leeds, Stockport and Blackburn, and employs 90 people. Stockleys Sweets was acquired by the company in 2009 and has a turnover of around £3m.
Andy Needham, Morris & Son managing director, said: “The funding will help the company’s growth plans and gives us the flexible working capital we require.”