Falkirk candle specialist seals major funding deal to expand and add 50 jobs
A Falkirk-based candle business has sealed a seven-figure funding deal to pursue its European expansion goals and create dozens of jobs.
Candle Shack, which employs more than 100 people, has completed a £4.4 million deal with Maven Capital Partners.
The business develops and supplies components for candle-making to a customer base of more than 34,000 throughout Europe.
As well as artisan candle makers, the firm operates a state-of-the art contract manufacturing service, supplying candles to a range of large brands, including Fornasetti. It has recorded a five-fold increase in turnover over the past three years.
Maven’s investment includes £3m of funding as well as a £1.4m debt facility, which will help Candle Shack develop its sales and marketing function, expand its EU operations with a new base in the Netherlands, fund new product development and improve operational efficiency.
The firm also plans to create some 50 jobs in the Falkirk area as part of its plans to reinforce its market-leading position in Europe.
Chief executive Duncan MacLean, who set up the business with his wife Cheryl in 2010, said the investment marked a pivotal step in the company’s growth journey.
“Maven’s investment in Candle Shack will fuel our next phase of growth, enabling us to better support thousands of niche home fragrance brands across Europe,” he said. “The market is changing, and consumers are increasingly attracted by unique, high-quality products.
“This demand is being met by creative artisans, many of whom are Candle Shack customers. Our partnership with Maven will allow us to invest in the stock, technology and expertise that will cement our reputation as Europe’s leading candle supplies business.”
Steven Jolly, deputy head of corporate banking at HSBC UK in Scotland, said: “It’s a delight to be able to support this fast-growing, international business from its base in Scotland.
“We’re proud to help Candle Shack sustain and build upon its reputation as a market leader, and we look forward to seeing what the next phase of this ambitious Scottish company’s journey will entail.”
As well as the manufacturing and supply side of the business, Candle Shack provides many customers with support, training, accreditation and testing of their candles.