Pasty firm's appetite for growth

By rhall

A Bath-based chain of pasty producers has secured a £1.5 million funding package to open two new stores.

Pasty Presto, which is run from offices at Henry Street, has opened stores in Gloucester and Beaconsfield thanks to the finance deal provided by the Clydesdale Bank's Financial Solutions Centre in Bristol.

The firm was launched in 1994 by managing director Steve Grocutt with just two staff from a single shop in Cornwall.

It now employs more than 300 people, including 21 in Bath, with a year on year growth of 6.5 per cent.

Mr Grocutt said his firm was seeing the positive side of the credit crunch with families choosing Cornish pasties over pricey restaurant meals.

He said: "The current economic climate is creating tough trading conditions for many businesses but it is a very exciting time for us.

"We are also seeing customers coming through our doors from some of the larger chains. Families that would have gone out for a pricey meal at a restaurant are trading down to Cornish pasties, baguettes and coffee at our outlets.

"Our customers like the fact that we make all of our bakery goods in our stores, fresh every day.

"We are also seeing customers coming through our doors from some of the larger chains.

"Clydesdale Bank has seen the potential of our growing business and we look forward to working with them further as we consider new sites."

The chain already has 24 stores and will also be opening three outlets in the Channel Islands under a franchise agreement in August and is committed to further expansion on the motorway network.

Gareth Collier, business partner at the bank, said: "Pasty Presto is growing and this funding allows the business to launch stores at two key locations.

"This deal demonstrates our continuing local commitment to help good local businesses navigate today's challenging economic climate."

He added: "We've been impressed with the Pasty Presto team's passion for delivering excellent products and customer service and look forward to a strong, long-term business relationship."

Pasty Presto serves food made from locally sourced, organic and fair trade produce.