Member Article

Sweet deal for candy hero with expansion loan

A Yorkshire-based sweet company has rapidly expanded its product range after raising £50,000 from investors with the promise of a tasty reward.

Candy Hero, a sweet importer and retailer with stores in Bradford, York and Leeds, successfully raised the finance with a loan from peer-to-business lender, rebuildingsociety. The cash was used to increase the company’s stock of candy, which is imported from around the world, after a surge in demand from customers both in store and online.

rebuildingsociety enables individuals to lend varying amounts of money - starting from just £10 - to established UK businesses. Companies make monthly payments to rebuildingsociety, which acts as an administrator on behalf of its lenders. Investors earn pre-tax annual returns of between 8-20 per cent, while businesses receive vital growth finance quickly, with no early repayment charges.

To date, loans totalling more than £3.5m have been advanced by rebuildingsociety to a variety of firms across the UK.

Frank Dillon, joint owner of Candy Hero with his brother Leo, said: “We’ve noticed an explosion recently in the demand for the sweets that we import from around the world, especially American candy, which is due to widespread product awareness through television and the media.

“We have three stores at the moment in Bradford, York and Leeds and we’re looking to expand further. Borrowing through rebuildingsociety was a fast and engaging way to raise finance. Our loan was completed within two weeks, which means the stock is here and is already being sold.”

Rick Hyland, rebuildingsociety’s Business Development Manager commented: “Everyone loves sweets, especially unusual ones, so Candy Hero was a popular auction, with over 200 people opting to lend money.

“In addition to the loan, Frank has raised awareness of his brand, gained new customers and I’m confident that as his business continues to grow, our lenders will support him again.”

rebuildingsociety is seeking to increase its loan book to £6m this year - providing growth loans for up to 100 UK businesses.

This was posted in Bdaily's Members' News section by rebuildingsociety .