Case Study: Ming Foods Ltd
Business: Ming Foods Ltd
Location: Swanley, Kent
Turnover: £2.2 million
Funding: £300,000 invoice finance facility, £125,000 asset refinance facility, on-going support to purchase new machinery.
Since 2005, Ming Foods Ltd has produced Chinese pancakes, which it supplies to restaurants and food manufacturers across the UK and internationally.
In 2010, Ming Foods’ bank funding facility was removed, which proved to be a real hindrance to the business’s growth potential. Tired of being unable to pursue its ambitions and facing a cash flow crisis, Ming Foods approached Funding Solutions in 2015 to help fund the business.
Funding Solutions helped with an invoice finance facility to facilitate sales growth and also an asset finance facility to help purchase new machinery.
We used our market knowledge to source a suitable facility that could support the sales ambitions of Ming Foods both in the UK and across the globe.
The funding has helped secure the future of the business and made sure that the 28-strong workforce can continue to produce market leading pancakes to customers from Las Vegas to Cyprus. From its new factory in Swanley, Kent, the business currently produces three million pancakes a week, totalling 1500 tonnes of products a year. The business has more than doubled in eight years, with a turnover of £1 million in 2008 rising to £2.2million in 2016.
The company’s owners are now planning to grow the business even further by innovating in new manufacturing methods to expand capacity and unlock growth. These include developing new ways of using excess pastry to create new products and achieving a target of zero waste manufacturing.
Sam Duong, CEO of Ming Foods said: “In the past, it was tough to raise the capital we needed to grow the business and realise the potential that we believe it has. However, the funding and the expertise of Funding Solutions have relieved the cash flow pressure we faced and allowed us to think about growth and innovation rather than survival.”
“The Funding Solutions team were able to step in when we needed them and we had arranged the finance in just 3 weeks. Now our ambition is to be a UK-based business selling Chinese food products to China and our ongoing funding has brought us one step closer to achieving this goal.”
Ian Hepworth, Director, Funding Solutions commented: “Ming Foods is an innovative business that has grown consistently. To meet its true growth potential, Ming Foods needed working capital and new machinery. We were able to source suitable facilities to facilitate this growth.
With a proper working capital facility in place and new machinery driving efficiencies; Ming Foods have continued to grow and are now exporting across the world. Funding Solutions continue to support Ming Foods when requirements come up for new machinery.
This is a fantastic example of how Funding Solutions work with businesses as a trusted advisor, not just in the short term but also in the long term.”
Sam added: “Our priorities for the future are to build upon our improved productivity and efficiency at our new Swanley factory and to drive down operating costs whilst expanding our production. We could never have dreamt of doing this without properly structured funding. The invoice finance facility provides us with working capital so we can grow with confidence. Funding Solutions have also sourced finance for new machines which help drive efficiencies into the business. The team at Funding Solutions has taken the time to understand our business and the people behind it.”
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