Stenhousemuir firm clinches £4.4m investment deal to push European expansion plans
A Stenhousemuir business which services an international luxury market has completed a £4.4million deal to pursue an ambitious European expansion plan.
It will also lead to more jobs in the area as the company begins a major recruitment drive.
E-commerce business, Candle Shack, which operates from a 100,000 square-foot facility in West Carron, supplies candle-making components and contract candle manufacture for luxury international brands.
It has signed the deal with Maven Capital Partners for investment of £3m includes £1.4m debt facility.
It will help family-run Candle Shack, which employs more than 100 people, 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 business also plans to create 50 jobs in the Falkirk area as part of its plans to reinforce Candle Shack’s market-leading position in Europ
The company is leading the industry in developing sustainable candle components, which includes its own-brand wax blend, EcoSystem RCX.
Its West Carron base also includes a fulfilment centre, development lab and manufacturing site.
Candle Shack has recorded a five-fold increase in turnover over the past three years and supplies candle-making components to a customer base of more than 34,000 throughout Europe.
It is also an as artisan candle maker, supplying to a range of large brands.
Duncan MacLean, chief executive officer, who set up the business with his wife Cheryl in 2010, said the investment marked a pivotal step in Candle Shack’s; growth.
He said: “It will fuel our next phase of growth, enabling us to better support thousands of niche home fragrance brands across Europe. 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.”
As well as the manufacturing and supply side of the business, Candle Shack also provides its many customers with support, training, accreditation and testing of their candles.