Cherrytree Bakery secures six-figure funding support
Burnley-based Cherrytree Bakery has been granted a £250,000 business interruption loan, organised by Barclays.
The company manufactures muffins, brownies and sweet treats for customers including coffee shops and other foodservice businesses which have been out of operation during the coronavirus pandemic lockdown.
From its purpose-built, BRC Grade AA manufacturing site, Cherrytree produces and distribute more than 40 million hand-finished units every year.
The government-backed Coronavirus Business Interruption Loan Scheme provides Cherrytree the working capital to cover operational overhead costs until demand returns to normal levels.
Gary Entwistle, managing director at Cherrytree Bakery, said: "For us, the ease of applying for the loan was extremely helpful and will enable us to rebuild the business, and to cover working capital requirements, as we look to recover from the period associated with the Coronavirus lockdown.
"Providing financial forecasting for the short to medium term was never going to be easy but, Barclays and Cherrytree worked closely together to get this done. We asked, and our bank stepped up."
Shakira Musarat, Barclays relationship director, explained: "Gary and his team have put in a huge amount of work to build Cherrytree Bakery into an innovative and well respected business, so when coronavirus impacted them, we moved quickly to discuss how Barclays could help."
- For further Lancashire business news, advice and analysis subscribe to Lancashire Business View or join the LBV Hub from just £2.50 per month. Click here to subscribe now.