Sweet Success as North East Retail Business Launches New Site
Posted on the 7 January 2019
North East based retail dessert business Kaspas has expanded with the acquisition of a new retail site in Darlington with funding from Barclays.
Kaspas is a chain of exciting new dessert houses and entrepreneurs Syed Shah and Raja Mirza who trade as S&M Traders Limited, are already successfully operating Kaspas stores in Clayton Street, Newcastle and High Street West, Sunderland. Launching in 2014 in Newcastle, they acquired their second site in Sunderland in 2016 and they are delighted to expand to Darlington with the launch of their third site.
Funding for the expansion has been made possible with facilities from the Barclays Northern Powerhouse fund which launched earlier this year to support business growth across the North.
Syed Shah, Partner, S&M Traders said: “I am delighted that we’re bucking the retail trend with our latest expansion in to Darlington. We offer the world’s favourite hot and cold desserts under one roof and our menu boasts a mouth-watering selection of ice creams, gelatos, waffles, crepes, milkshakes, smoothies, and sundaes. The new site in Darlington will provide the same amazing desserts that we know our customers love and we’re delighted that the new Barclays Northern Powerhouse fund was available to support our growth plans.”
S&M Traders currently employ over 30 staff at their Newcastle and Sunderland sites and hope to create a further 15 jobs in Darlington. Turnover for the business is expected to exceed £2million in 2019.
Martin Griggs, Barclays Business Manager put together the funding package for the deal and said: “At Barclays we’re delighted to be able to help businesses grow and expand and the Northern Powerhouse fund is the perfect vehicle for businesses that are looking for new opportunities and require flexible funding options. Syed and Raja really impressed me with their professionalism, vast background experience in the sector and most importantly, their burning desire to succeed. With Barclays backing the future looks bright for this well managed company.”