The investment from Mercia Debt Finance – part of the Northern Powerhouse Investment Fund (NPIF) – has supported the employment of six new members of staff at Holmesterne’s Brompton, North Yorkshire site. It is also being used to boost production of more meat-free products, with the creation of more jobs likely as demand grows, according to the business.
NPIF’s loan has also enabled the company to expand its Leeming Bar production facility, creating 14 jobs and allowing the purchase of new equipment and machinery.
Increasing the product range
Managing director Keith Tindell said: “Holmesterne Foods take pride in adapting to consumers’ needs and with meat-free alternatives on the rise, we have been able to utilise the loan by creating our own range of products.
“Not only this, but this new source of capital has also allowed us to create new jobs across both our facilities, scale up our operations and successfully fulfil an influx of new business. We’re now in an excellent position for further growth and we are excited to see how our new products will be received by the market.”
Mercia investment manager Paul Arthur said the investment in Holmesterne would allow the manufacturer to further diversify its product offering to meet the growing demand for vegan food.
The NPIF project is supported financially by the EU using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Grant Peggie, director at British Business Bank, added: “NPIF is proud to support businesses across the north of England which demonstrate a clear and ambitious growth strategy.
“As a result of the investment, Holmesterne Foods has been able to enter new markets and increase staffing, and the company is now primed for even further expansion.”
Meanwhile, family-owned The Yorkshire Pudding Pie Company has secured investment to aid the construction of its first factory, as it claimed top supermarkets had shown increased interest in its products.