Meat alternative firm Myco Foods gets funding to grow

By Rick Pendrous

- Last updated on GMT

FW Capital’s Keith Charlton (left) and Lindsey McMenamin (right) with Hooba founder Jay Croslegh and UNW Michael McCulloch (centre)
FW Capital’s Keith Charlton (left) and Lindsey McMenamin (right) with Hooba founder Jay Croslegh and UNW Michael McCulloch (centre)

Related tags Finance

Darlington-based food manufacturer Myco Foods plans rapid growth after securing £250,000 worth of funding from NPIF – FW Capital Debt Finance, part of the Northern Powerhouse Investment Fund (NPIF).

The company, which trades under the name Hooba Foods, produces a sustainable mushroom-based meat alternative that is used in a range of meat-free sausages, sausage rolls, mince, burgers and meatballs.

Launched in June 2016 by Mike Botha, John Shepherd and Jay Croslegh, Hooba’s products are aimed at meat-eaters wanting to reduce, or even cut out, their meat consumption.

NPIF – FW Capital Debt Finance, supports small and medium-size firms (SMEs) in the north at all stages of their development, helping them to scale-up and realise their growth aspirations.

Growth aspirations

The funding has enabled Myco to strengthen its sales team, invest, and implement its marketing strategy, as the company begins to commercialise its product range.

“The first tranche of funding has allowed us to create new jobs, doubling our workforce, and expand our sales team to drive coverage nationally in the foodservice sector, developing long-term relationships and supply into the NHS, universities and contract caterers,”​ said Myco director Croslegh.

“Investment into marketing has seen an increase of 1,300% in sales over the last month from an already growing base.”

‘Increase of 1,300% in sales’

Independent chartered accountancy and business advisory firm UNW has worked with Myco Foods since November 2016 and, led by corporate finance partner John Healey, helped advise the company.

The NPIF project is supported financially by the EU using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014–2020 and the European Investment Bank.

The NPIF will invest in microfinance, business loans and equity finance sub-funds, offering financing ranging from £25,000 to £2M, specifically to help SMEs secure the funding they need for growth and development.

Meanwhile, meat protein firm Essentia Protein Solutions has acquired four business units, to be stocked with £100,000 of new equipment​, in the West Midlands as part of its UK expansion. 

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