A burgeoning Leeds based pancake manufacturer has attracted a £350,000 Equity Linked Investment from Finance Yorkshire.
From modest beginnings in 2005 as a creperie in Headingley, Enjays Pancakes has grown to become the UK’s leading manufacturer of crepes, pancakes and blinis.
It is the first investment in the food sector for Finance Yorkshire’s Equity Linked Fund, and will enable Enjays to significantly develop its product range, creating up to 10 new jobs.
The investment caps a tremendously successful period for Enjays; from its first branded cart at Butlins in 2008, the firm went on to open branded outlets at theme parks and universities throughout the UK.
Then in 2011, it opened a dedicated pancake factory and became principal supplier to food service provider, 3663.
Finance Yorkshire was represented by a strong deal team at Walker Morris and invested alongside sector-experienced Howard Farquhar who, following his investment, has been appointed as Chairman of the business.
The firm’s managing director, Jon White, said:
“This investment secures the long-term future of Enjays at a really critical time. It will open up many opportunities in potential new markets and will allow us to take an increasingly strategic approach to the future.
“We’re looking forward to significantly developing our product range and building firm foundations for long-term growth.”
“From the outset, Finance Yorkshire has been incredibly supportive and understanding of our needs.”
Katharine Braim, Finance Yorkshire’s investment manager, said:
“The ambition and commitment of the management team made Enjays a promising investment for Finance Yorkshire.
“Market demand and a requirement by a current customer to diversify the product range suggest that this is a Yorkshire firm with an incredibly bright future ahead.”
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
The project is supported financially by the European Union.
It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from UK Government and £45million match funding from the European Investment Bank.