Jealous Sweets expands into Europe & Asia following UK funding

08-Jul-2019 - Last updated on 08-Jul-2019 at 12:37 GMT

Imran Merza and Taz Basunia co-founders left and right with a friend (middle). Photo: Jealous Sweets.

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Jealous Sweets, a London-based vegan confectionery business, has grown its international footprint and doubled its turnover, after securing a working capital facility from Lloyds Bank Commercial Banking.

The funding has enabled the business to fulfil large orders from major UK retailers including ASDA and Holland and Barret as well as expand into Europe and Asia-Pacific.

Vegan treats

Jealous Sweets was founded in Tooting in 2010 by friends Taz Basunia and Imran Merza, who left their City banking careers in October 2010 to enter the world of confectionery.

Having spotted a gap in the market for a healthier sweet brand, the pair launched a range of vegan treats for adults.

“As well as expanding our client base on home turf, we’ve been able to pursue exciting opportunities overseas - allowing us to fulfil new orders that we couldn’t have done before,” said Basunia.

“Our aim is to create a global and iconic brand – and we’re targeting growth not only in the UK market, but also in Europe and APAC, where we see huge opportunity.

The funding is part of Lloyds Bank’s pledge to support firms in the capital with £2.6 billion of lending this year.

Growth aspirations

Thanks to listings with Hong Kong-based Mannings, a health and beauty retailer and Wellcome supermarket chain, Jealous Sweets has doubled its revenue and is set to generate an annual turnover of £4 million by 2020.

“Jealous Sweets already has an excellent reputation in the UK, but to push forward with the next phase of its expansion, it needed the correct funding in place,” said Keith Breavington, associate director, Global Transaction Banking, Lloyds Banking Commercial Banking.

“The support we’ve provided Jealous Sweets will help the company to fulfil its growth aspirations and drive the business forward, without impacting day-to-day cashflow – a prime example of how we’re helping Britain prosper.”