PARK Cakes says it has plans to grow after securing a multi million pound funding deal.

The firm, based in Bella Street, Daubhill, says the undisclosed funding package agreed with Yorkshire Bank will provide the business with greater financial flexibility, and assist its growth aspirations.

The company manufactures own brand cakes and deserts for leading retailers including Marks and Spencer, and was originally established 80 years ago.

It was bought by London based investment firm Vision Capital in a £160 million deal 10 years ago.

Park Cakes operates from its Bolton site and its head office in Oldham, employing about 1,200 permanent staff and up to 1,000 seasonal staff at peak production times, such as Christmas.

Yorkshire Bank is supplying Park Cakes with a comprehensive funding package, including refinance and asset finance, aimed at delivering growth.

Paul Morton, finance director at Park Cakes, said: "After a competitive process, we can confirm that we have appointed Yorkshire Bank as our new funding partner.

"What impressed us most about Yorkshire Bank, was its ability to offer a portfolio of products. We met several retail banks and asset-based lending providers but none, except Yorkshire Bank, were able to offer, under one roof, all the facilities we require.

"The funding package put together by Yorkshire Bank, will enable us to further invest in the business and continue with our aggressive growth plans. We have exciting developments in the pipeline over the next two to three years.

"We had a good feeling after our first meeting with Yorkshire Bank – and our good feeling turned out to be for the right reasons."

Owen Malton, Yorkshire Bank’s regional head of specialist and acquisition finance, said: “Park Cakes is a leading manufacturer of retailer own brand cakes and desserts, which is famous in the marketplace for its dedication to quality and innovation.

“We were selected to be the company’s new banking partner, after demonstrating our understanding of the key drivers of the business allied to ABL capability. The business has exciting growth plans in place and we look forward to working in partnership with the Park Cakes team, to help them achieve their aspirations.”

The deal was delivered by Neil McLoughlin, director in Yorkshire Bank’s Manchester based specialist and acquisition finance team and Andy Cole, director in the Bank’s working capital solutions team, also based in Manchester.