A Kirkcaldy-based chocolate fountain machine maker is to expand after securing a £500,000 loan.
Sephra will use the money to buy the intellectual property (IP) rights to its branded products, previously held by a US company and expand into new markets.
The firm, which is based in the town’s Denburn Road, now hopes to hire a further 10 people and more than double its turnover £10m over the next three to four years as a result of the funding.
Sephra secured the five-year loan through credit specialist Caple.
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As well as manufacturing chocolate fountain machines, Sephra is a wholesale distributor of waffle, pancake, donut and popcorn makers to restaurants, cafes and hotels groups.
It also sells ingredients such as chocolate, waffle mix and crepe mix and last year, the business sold more than 300 tonnes of chocolate.
Sephra exports to 67 countries globally.
David Archer, managing director, said: “We wanted to move quickly, secure the IP rights to our products and to press ahead with our growth plans. The Caple team understood our business and responded by completing the deal in record time.
“We are now able to drive innovation and expand into 20 to 30 new markets across Asia, Australasia, Central and South America, providing huge growth potential.”
He added: “By removing the need to pay royalties, we’re already seeing a positive impact on the bottom line.”