UKEF-backed financing has enabled the company to increase its
exports, expand into new markets and continue to spearhead
product innovation in the food industry.
From:
UK Export Finance
Published
30 August 2023
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About the transaction: TasteTech
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Region
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South West (Bristol)
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Sector
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Food and drink manufacturing
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Export location
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Global
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UKEF support
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General Export Facility
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Established in 1992 by Janis and Roger Sinton, TasteTech is a
family-run business which designs and manufactures food
flavourings and functional ingredients essential to a range of
products including sports nutrition, confectionery and baked
goods.
Developing market-leading technology at its Bristol site, it
specialises in ‘microencapsulation’ processes which enable
controlled release of its products in application – extending the
chew-time of chewing gum, increasing the strength of flavourings
for protein powders and extending the mould-free shelf-life of
yeasted products.
During the COVID-19 pandemic, demand for TasteTech’s product
grew; as a supplier to food manufacturers in over 40 countries,
it needed more working capital to power this continued export
growth. At the same time, the supply chain for raw materials
which TasteTech needed had been disrupted by the pandemic.
In 2022, UK Export Finance (UKEF) was able to help TasteTech with
a General Export Facility provided through Lloyds Bank. This
unlocked £300k in working capital which allowed the company to
buy raw materials crucial to its manufacture of export products.
Backed by this UKEF support, TasteTech was able to meet
international demand, continue driving up its export sales and
expand its global reach.
Now, the firm continues to go from strength to strength,
generating over half of its £11.5 million turnover through
exports, of which around half reaches markets outside the EU. For
example, the business has experienced growing demand from
bakeries in the Middle East which can reduce their food waste
significantly by using TasteTech products to keep bread
mould-free for up to 30 days.
Helping food around the world taste better and last longer: these
are exports which don’t leave a bitter taste.
Tim Reid, CEO of UK Export Finance, said:
Businesses like TasteTech are seeing global demand for their
cutting-edge, innovative products. This is proof that size
doesn’t need to be a barrier for high-growth SMEs wanting to look
beyond the domestic market.
Smaller businesses across the country should know that if they
have a viable export project, UKEF is there to help it secure the
financing it needs.
Janis Sinton, Managing Director at TasteTech,
added:
This has been really beneficial extra financial support to
successfully assist our high growth strategy.
