The Cambridgeshire-based business used the funding to replace three ageing production lines with two new, modern and more efficient lines.
Hayley Wilson, Finance Director at Fenmarc Produce, said: “Our business has grown significantly in the last five years as demand for our products continues to rise. This deal has enabled us to meet this demand more efficiently by replacing our old production lines with newer technology.
“It’s our first time working with HSBC UK and the support we’ve received from the bank’s Relationship Directors, Sian Williams and Scott Ritchie, has been incredible. We look forward to continuing to work with HSBC UK as we commence the second phase of the upgrade project in the coming months.”
Fenmarc Produce prepares and packs a wide range of quality vegetable and stir fry products, including prepared vegetable bags, meal kits and range of roasting packs in ovenable foil trays or plastic trays.
The family-owned business employs more than 250 people, supplying own brand produce to many of the major supermarkets.
Simon France, deputy head of Corporate Equipment Finance for HSBC UK, added: “We’re delighted to be able to support such a forward-thinking family-owned business and enable Fenmarc Produce to grow and become more efficient.”
Investment in the industry
The past month has seen a number of food and drink manufacturers secure funding to invest in their factories.
Avara Foods is to create more than 150 new jobs as part of a £4.7m investment into a new facility in Wednesbury, West Midlands.
Meanwhile, Plant-based milk firm Alpro has completed a £17m investment in its Kettering production facility, installing new equipment and creating 25 new jobs.
Part of a £41m UK investment plan at the site, this latest investment comprised a new high-speed production line set to increase production capacity to 300m litres of soya, oat, rice and coconut drinks a year. Alpro plans to boost this up to 400m litres by early 2022.