The Nottingham-based condiment retailer Sauce Shop has secured a £450,000 revolving credit facility from Growth Lending as it branches out into new markets and expands its team. The funding, provided under the government’s Coronavirus Business Interruption Loan Scheme (CBILS), will boost the company’s working capital during its next stage of growth.
Founded in 2014, Sauce Shop is the brainchild of husband-and-wife team Pam and James Digva, who were underwhelmed by the sauces they were buying from supermarkets. Having since established a reputation for the high quality of their products, they now have a team of 29 people, producing a range of “no-nonsense, flavour-packed” condiments from ketchups, mustards and mayonnaises to curry sauces and spice rubs.
After successfully navigating the challenges posed by the Covid-19 pandemic, Sauce Shop is looking to build on these strong foundations and take its distinctive sauce bottles into new markets.
Growth Lending’s relationship with the company dates back to 2017, when Sauce Shop arranged a selective invoice finance facility with GapCap (now part of the Growth Lending brand) to support its early growth.
Julian Hornby, the Growth Lending principal who led the new deal, says: “Having met James at a trade show, not long after the company’s launch, it’s been amazing to be a part of Sauce Shop’s extraordinary journey. We are looking forward to supporting the firm’s next stage of growth.”
Digva, meanwhile, explains that the investment will help his business to continue growing, after a stellar year in 2020. “We’ve worked with Growth Lending for more than three years, initially using an invoice finance facility to help us manage our cash flow while the business grew quite rapidly,” he says. “In 2020, we experienced growth of more than 300% year-on-year.
“Now, Growth Lending is supporting us with a CBILS facility that has provided much-needed working capital to enable continued growth in our major channels. These include Amazon and Sainsbury’s in the UK and, most recently, Whole Foods in North America. Julian and the team have been fantastic to work with, extremely diligent and proactive in their approach to providing support.”