Advised by Newby Castleman chartered accountants, the investment into the new Glenfield site followed Geary’s acquisition of two additional units neighbouring its main facility in Barrow upon Soar in 2010.
Production of the 5,574m2 facility began late last year. Once completed, Geary’s said it expected the increased capacity to allow the company to quadruple its output.
Commenting on the investment, managing director Jason Geary said: “We are very excited about the move to our new facility in Glenfield, which presents us with the chance to achieve further growth and build on our first-class reputation.”
Geary’s secured planning permission for the new site in September 2017, as well as a £4.5m investment from NatWest to support the construction.
The new factory will bake Geary’s open-topped bread and a selection of its rolls, increasing its production to 1m loaves and 5m rolls a week. Geary’s expected the building work to cost £13m.
Newby partner Stephen Castleman added: “To offer our assistance to Geary's Bakeries in taking this next step has been very rewarding. We are proud to play whatever role we can in helping such a dynamic, ambitious brand to flourish.”
Established in 1906, Geary’s moved to Barrow upon Soar in 2012, following a £1.5m investment. It had a turnover of £20m in 2016.
Meanwhile, drinks manufacturer Lucozade Ribena Suntory is to invest £13m in its Coleford, Gloucestershire site to install a new high-speed bottle filler.
The investment will see about £10m spent on new production and processing equipment, with a further £3m invested directly into building and installing the supporting infrastructure for the new line.