Finance Yorkshire loan for coffee machine maker
A family business is hoping to capitalise on Britain’s love of coffee with a new range of vending machines, launched with backing from Finance Yorkshire.
LTT Vending specialises in hot drinks machines for offices and a £150,000 business loan from the regional funding body has led to the launch of Expresso Plus, a new brand targeting the “coffee on the go” market.
Graham Kingaby, deputy managing director of LTT Vending, said: “The appetite for coffee shows no sign of diminishing. As long as the consumer wants coffee, we need to provide convenient ways for them to buy it.
“For years, people have put coins in a slot and received a poor quality drink. We offer a higher quality drink with a higher return for the retailer. We have ambitious plans for growth on the back of this.”
LTT Vending employs about 150 staff across the UK, and is owned by managing director Edward Selka and Michael Levi. Its head office is on the Gildersome Spur industrial estate in Morley, Leeds.
The Finance Yorkshire loan has contributed to the business being able to buy the latest coffee equipment and invest in staff.
Finance Yorkshire Investment Manager Jonathan Craig said: “The on-the-go coffee market is showing strong growth. The Expresso Plus brand is well placed to capitalise on that with a high quality product and service offer.”
The deal was introduced to Finance Yorkshire by Oliver Hoffman, national head of corporate finance at Mazars.
Read More: Coffee Equipment