From humble beginnings selling black puddings on a market stall in the world famous Bury Market, Debbie Pierce is rapidly expanding her business to be a leading supplier of Black Puddings throughout the UK.
Debbie purchased the market stall in 2002, having originally worked as an employee. Along with this, Debbie started The Bury Black Pudding Company Limited in the same year. As you would expect, she had a steep learning curve and was supported by an Adviser from Bolton Business Ventures, the local Enterprise Agency, under the Business Start Programme.
After incorporating in 2002, Finance was required to expand the business using the Internet and by supplying Supermarkets and other trade customers.
As a fledgling business, the Company was fully lent by their Bank and, following advice, made a successful application for a Loan from the Women in Business Loan Fund managed by Bolton Business Ventures.
This allowed the Company to continue its development.
By 2004, Debbie had realised that to take the Company on to the next level, it would be beneficial to take manufacturing in house and she sought help from her Accountants to raise the required Finance.
She also brought in expert help on the manufacturing side by offering equity to Richard Morris, an existing supplier of products to her business. This recognised the fact that to expand successfully the areas of Sales and Marketing, Manufacturing and Finance are all equally important and must all be properly resourced.
A successful application to HSBC raised a loan under the Small Firms Loan Guarantee Scheme. The Company was also successful in obtaining a Grant from the Local Authority and securing Asset Finance for the equipment.
The expansion of Sales, particularly when credit terms are offered, has to be properly managed otherwise a business can easily run out of cash. Bolton Business Ventures were again able to support the business with a second loan under the Women in Business Loan Fund to finance working Capital. In expectation of a significant growth in credit sales, Debbie has also negotiated an Invoice Discounting facility, which can be made available when required.
Debbie recognised that it would be beneficial to seek the additional finance on a more flexible, longer term basis and sought outside investor finance from friends and colleagues who all had belief in the future success of the Company.
There are many strands to developing a successful business, particularly one in expansion, and Debbie has been wise enough to seek advice and support from many Advisers along the way -"One of the most vital attributes and requirements in making a business successful is perseverance".
