TasteTech pursues global growth with £300k UKEF-backed financing
UKEF-backed financing has enabled the company to increase its exports, expand into new markets and continue to spearhead product innovation in the food industry.
| About the transaction: TasteTech | |
|---|---|
| Region | South West (Bristol) |
| Sector | Food and drink manufacturing |
| Export location | Global |
| UKEF support | General Export Facility |
Established in 1992 by Janis and Roger Sinton, TasteTech is a family-run business which designs and manufactures food flavourings and functional ingredients essential to a range of products including sports nutrition, confectionery and baked goods.
Developing market-leading technology at its Bristol site, it specialises in ‘microencapsulation’ processes which enable controlled release of its products in application – extending the chew-time of chewing gum, increasing the strength of flavourings for protein powders and extending the mould-free shelf-life of yeasted products.
During the COVID-19 pandemic, demand for TasteTech’s product grew; as a supplier to food manufacturers in over 40 countries, it needed more working capital to power this continued export growth. At the same time, the supply chain for raw materials which TasteTech needed had been disrupted by the pandemic.
In 2022, UK Export Finance (UKEF) was able to help TasteTech with a General Export Facility provided through Lloyds Bank. This unlocked £300k in working capital which allowed the company to buy raw materials crucial to its manufacture of export products.
Backed by this UKEF support, TasteTech was able to meet international demand, continue driving up its export sales and expand its global reach.
Now, the firm continues to go from strength to strength, generating over half of its £11.5 million turnover through exports, of which around half reaches markets outside the EU. For example, the business has experienced growing demand from bakeries in the Middle East which can reduce their food waste significantly by using TasteTech products to keep bread mould-free for up to 30 days.
Helping food around the world taste better and last longer: these are exports which don’t leave a bitter taste.
Tim Reid, CEO of UK Export Finance, said:
Businesses like TasteTech are seeing global demand for their cutting-edge, innovative products. This is proof that size doesn’t need to be a barrier for high-growth SMEs wanting to look beyond the domestic market.
Smaller businesses across the country should know that if they have a viable export project, UKEF is there to help it secure the financing it needs.
Janis Sinton, Managing Director at TasteTech, added:
This has been really beneficial extra financial support to successfully assist our high growth strategy.