New home will power Sugden to international growth
The business, which manufacturers the machinery used in making muffins, crumpets and potato cakes, will also create 10 jobs.
The six-figure loan has been provided by Lancashire Rosebud Finance, which is managed by Mercia Fund Managers.Sugden was acquired by Chris Baldwin of Baldwin Technical Services in 2014 following the death of its co-founder, and the acquisition was also facilitated by a Rosebud Loan.
Baldwin Technical Services provides electrical engineering services to the food industry and worked closely with Sugden to install its machinery lines.The group now employs more than 60 staff at the Sugden factory and at Baldwin’s site in Heywood. The new premises will provide additional space for Sugden and will act as group headquarters.
Chris Baldwin, managing director of Sugden, said: “Without the financial help from Rosebud, the move to the new site for Sugden would be delayed by at least two years, which would have compromised further orders that are in the pipeline from all over the world."We need the space and flexibility that the new site will bring to our company. We would like to thank Rosebud and RBS for their continuing support.”
Rosebud Finance is managed by Mercia Fund Managers on behalf of Lancashire County Developments Ltd (LCDL), the County Council’s development arm.Peter Rooney, investment manager with Mercia, said: “The acquisition of Sugden has proved to be a sound decision for both sides.
"The two companies had long worked closely together and with the assistance of Rosebud, since then they have outperformed the original forecasts and gone from strength to strength. "However the size of the Barrowford premises is now holding back further growth. This latest Rosebud funding will allow the group to take the next step in its development and move to larger, purpose-built premises.”