Sutton Coldfield expansion for Silver Tree Bakery
A family-run Midlands bakery has secured £250,000 of debt funding to launch its first dine-in café.
Silver Tree Bakery, which supplies Michelin star restaurants and a leading coffee chain, is to become the anchor tenant at the Gracechurch Centre, in Sutton Coldfield.
The company is opening a 70-seat café within the town’s first dedicated co-working space.
British Business Bank funding
Its expansion has been made possible by finance secured by Frontier Development Capital (FDC) from the British Business Bank’s “Midlands Engine Investment Fund II,” which aims to deploy £400m of SME growth financing across the region.
It will enable the company to fit out the new 3,000 sq ft unit, double production at the bakery and create 12 to 15 new jobs in the next six months.
Silver Tree Bakery, run by Kirk Bick and his sister Kirsty Cosgrave, is based at nearby Water Orton, where it makes cakes, pastries and sourdough breads for wholesale trade and its outdoor woodland café.
Started out with a dream at the age of 14
Kirk Bick, founder and director, said: “I started my career at the age of 14 with a weekend job in a hotel kitchen, and it has always been my ambition to run a bakery.
“At Silver Tree Bakery we offer exquisite handmade products using only the finest ingredients. The new outlets will enable us to expand our business while remaining true to our roots as an independent family firm producing high-quality food.”
Ryan Cartwright, from Frontier Development Capital, said: “We believe the new Gracechurch venue could have a very positive impact – increasing footfall at the centre, creating new jobs and providing valuable workspace for the local community.”
David Tindall, Senior Investment Manager at British Business Bank, said: “Silvertree Bakery is driven by a team doing just that with impressive plans to open new sites, create jobs and broaden their offer with an exciting new co-working space. Helping the team build the business and create a vital hub for the local community is fantastic.”
The £400m Midlands Engine Investment Fund II covers the entire Midlands region and provides equity investment up to £5m and debt finance from £25k to £2m to help a range of small and medium-sized businesses to start up, scale up or stay ahead.
