Rhokett takes off with its third food factory purchase

Knowledge Economy

A premium food supplier established by the Michelin-star chef Gary Rhodes has purchased a new factory in Hawkhurst after securing a £1.5million funding package.

Rhokett, which was founded in 2001 and is based in Cranbrook, will employ 50 additional people in the new facility as it seeks to increase its revenues to more than £15million in the coming year.

It is the third factory to be opened by the company, which counts Marks & Spencer, Waitrose and Pret A Manger among its clients.

By adding 22,000 sq ft of floor space, the factory – which is due to be up and running by late October – will effectively double the firm’s capacity.

Funding for the scheme was secured through HSBC in a bespoke package consisting of a £900,000 loan and an asset finance facility of £600,000.

Matt Povey, Corporate Banking Relationship Director at HSBC, cited the ‘impressive’ customer portfolio and ‘rapid’ growth of the company – which has exceeded 20 per cent each year for the past decade and currently has a turnover of £12million – as two of the reasons for lending the money.

Peter Le Voir, Chairman of Rhokett, said the company has been greatly supported by the bank since it was founded, adding: “We are very excited to be opening the new factory shortly. The doubling of capacity is in response to high levels of demand for our bespoke desserts, cakes and related products.

“We are proud of the contribution we can make, including the provision of increasing employment opportunities.”

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