Biscuit maker looks for funding to secure future.Byline: Jez Davison ALOSS-MAKING Teesside biscuit biscuit, n the firing bakes, or stages (referred to as low, medium, and high), during the fusing of dental porcelain preceding the final, or glaze, bake. biscuit in dogs, a grayish-yellow coat color. manufacturer in Middlesbrough has secured pounds 12m of orders but says it needs to find over pounds 500,000 to help secure its future. In April, serial entrepreneur Mobeen Mehdi bought The Baked Snacks Company (BSC (Binary Synchronous Communications) See bisync. ) from former owner Zetar, the AIM-listed confectionery confectionery, delicacies or sweetmeats that have sugar as a principal ingredient, combined with coloring matter and flavoring and often with fruit or nuts. In the United States it is usually called candy, in Great Britain, sweets or boiled sweets. firm for an initial pounds 817,000 - with an additional pounds 2.2m to be paid in instalments - and pounds 600,000 of this due to be paid in the coming months. And Mr Mehdi says a funding injection is now vital to secure the future of the business and meet its financial commitments to Zetar. He said: "I need the extra funding but I believe I will get it. "I'm a trier Trier (trēr), Latin Augusta Treverorum, city (1994 pop. 99,183), Rhineland-Palatinate, SW Germany, a port on the Moselle (Ger. Mosel) River, near the Luxembourg border. . The potential is there, our product range and business model is right." He plans to expand the business after winning work from contract manufacturing and private label customers - he is in discussions with a UK supermarket - and growing BSC's range of own-branded products. He expects to grow staff numbers at the Middlesbrough factory by 50% from 100 to 150. Mr Mehdi urged banks to start lending to businesses with good growth potential after having funding requests turned down by mainstream banks. "The banks are saying: 'we'll give you money when you've turned around the business'. Why am I not being helped now by the Government and the banks?" Mr Mehdi established Britannia Bis-cuitCo (UK) in Middlesbrough seven years ago. But a number of setbacks, including funding issues and teething teething /teeth·ing/ (teth´ing) the entire process resulting in eruption of the teeth. teeth·ing n. The eruption or cutting of the teeth. problems with equipment, forced the company into administration in 2003. The site was sold to a newly formed venture involving Mr Mehdi - Britannia Biscuits International - which grew sales on the back of rising demand for healthy snack products. In 2007 Britannia was bought by Zetar-owned BSC in a multi-million pound deal but, BSC struggled as the recession began to bite. Mr Mehdi re-took control of the company in a reverse buy-out four months ago. BSC, which also makes organic bagged snacks, exports to Australia, Belgium, Germany, France and Ireland and produces around 600 bags a minute for customers including Marks and Spencer and Aldi. CAPTION(S): GREAT POTENTIAL Mobeen Mehdi owner of The Baked Snacks Company in Middlesbrough, needs a cash injection in order to grow his company. |
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