Leeds-based LTT Vending has received an investment of £150k from Finance Yorkshire.
LTT Vending specialises in hot drinks machines for offices and a Business Loan from the regional funding body has led to the launch of Expresso Plus, a new brand targeting the ‘coffee on the go’ market.
We Brits spend over £122 million each week on coffee and Expresso Plus offers free-standing or table-top machines and a menu of drinks that includes Nescafe, Lavazza and PG Tips.
‘The appetite for coffee shows no sign of diminishing’, Graham Kingaby, LTT Vending’s deputy MD told PV: ‘As long as the consumer wants coffee, we need to provide convenient ways for them to buy it.For years, people have put coins in a slot and received a poor quality drink. We offer a higher quality drink with a higher return for the retailer’, he said. ‘We have ambitious plans for growth on the back of this.’
LTT Vending employs around 150 people across the UK, and is owned by Managing Director Edward Selka and Michael Levi. Its head office is on the Gildersome Spur industrial estate in Morley, Leeds
‘With this funding’, National Account Director Manish Shah told us, ‘we have been able to create the highest quality impression that gives retailers the confidence we can deliver.’
Finance Yorkshire investment manager Jonathan Craig was equally bullish: “The on-the-go coffee market is showing strong growth’, he said. ‘The Expresso Plus brand is well placed to capitalise on that with a high quality product and service offer.’
* The deal was introduced to Finance Yorkshire by Oliver Hoffman, national head of Corporate Finance at Mazars. To date, Finance Yorkshire has made 694 investments totalling £90 million.
