MO’s Cookie Dough, founded and run by Scottish-American entrepreneur Morag Pavich, has launched a £400,000 fundraising drive to fuel growth and won a major contract that will see it supply Waitrose stores throughout the UK.
The Glasgow-based business, which sells cookie dough that can be baked in the oven in about 10 minutes, has won a new contract to supply 246 Waitrose stores from September 7 as the upmarket retailer rolls out the product range throughout the UK.
Mo’s Cookie Dough, which outsources its production to a craft bakery in Scotland, has been supplying seven Waitrose stores in Scotland since last October.
The company, which has been through the Entrepreneurial Spark programme and continues to be based at the premises of Lord Haughey’s City Refrigeration Holdings in the Gorbals, also revealed it had won a contract to supply 46 Asda stores in Scotland from September 21.
Ms Pavich, who was brought up in Greenock and California, said that she was aiming to raise £400,000 of equity for Mo’s Cookie Dough, split equally between the taxpayer-backed Scottish Investment Bank and private equity.
The entrepreneur plans to use the funding to expand the team at Mo’s Cookie Dough, which currently employs three people, and to boost marketing and public relations activity. She highlighted the aim of driving development of new products and of the Mo’s Cookie Dough brand.
The firm makes three varieties of cookie dough, oatmeal and raisin, chocolate chip, and gingerbread.
Ms Pavich, 45, said the company would also be bringing out double chocolate, and cranberry and white chocolate cookie dough varieties.
She added that Mo’s Cookie Dough was also working on a gluten-free range.
The company already supplies Whole Foods Market’s stores in the UK, including its outlet at Giffnock on the south side of Glasgow.
It also supplies supermarket group Booths, in the north of England, and online retailer Ocado.
Ms Pavich, a keen baker who pitched successfully to win £50,000 from the Scottish Edge Fund and also received support from Business Gateway, launched her business after seeing an opportunity to offer the convenience of American-style cookie dough to consumers in the UK.
She said: “In two short years, it’s been a fantastic journey where we’ve launched the brand, built its profile and secured initial distribution deals within some well-regarded retailers.
“We’re now focusing on the next stage of the company’s development, looking to raise some additional capital to invest in a robust marketing and PR strategy, and grow the team so we can take the business forward and drive new product and brand development.”
Mo’s Cookie Dough is being supported in its fundraising efforts by accountancy firm Johnston Carmichael.
Lyn Calder, corporate finance director at Johnston Carmichael, said: “Food and drink is a thriving sector within the Scottish economy, with companies like Mo’s Cookie Dough setting a high standard.
“Morag has grown her brand through innovation and her own passion for baking, capitalising on the growing market for high-quality convenience foods.”
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