Kaspas is already enticing crowds at its dessert houses in Newcastle and Sunderland with its menu of gelatos, waffles, milkshakes and crepes, and now the brand is extending into a new pudding parlour in Darlington, thanks to funding from Barclays.
The firm, run by entrepreneurs Syed Shah and Raja Mirza who trade as S&M Traders Ltd, launched their first Kaspas venture in Clayton Street, Newcastle, in 2014, following it two years later with a second Kaspas in High Street West, Sunderland.
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 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 £2m in 2019.
Martin Griggs, Barclays business manager put together the funding package for the deal.
He 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.”
CPNE acted for a private client on the conditional sale of the building at 150-154 Northgate, Darlington DL1 1QU to Kaspa’s. The building had been the head offices of BIB Insurance for many years prior.