The planned investment will be used to purchase new equipment, expand the footprint of the site, and upgrade its current office and shared spaces.
Plans to expand the business followed increased demand for Higgidy’s products, fuelled by a rise in flexitarian and vegan diets over the past 12 months – 72% of its food range is plant-based or vegan, with this number increasing to 75% by the end of 2022.
Mark Campbell, chairman of Higgidy said: “The Higgidy leadership team have created a compelling strategy for the next five years and the investment and support from Samworth Brothers means we can continue to build a strong culture, whilst keeping our entrepreneurial roots intact.
“Camilla, James and myself, as Higgidy’s Founders remain as excited about the future as we did on day one, which is why we will be involved in the brand’s next phase of growth and continue on as minority shareholders.”
Boasting compound annual growth of more than 15% over the past ten years, the Higgidy brand’s retail value was now in excess of £50M, the business claimed. It planned to double the size of the brand in the next five years, with the initial stage of capital investment unlocking capacity which will take the brand close to retail sales value of £66m.
Flor Healy, Samworth Brothers chief executive added: “Higgidy’s positioning means they are extremely well placed to meet consumer trends. With Higgidy becoming a B-Corp last year this reinforces the synergies that already existed with Samworth Brothers also being a truly values led and purposeful business.”
Higgidy is also investing in brand awareness, with its first ever paid media campaign that began in October 2021.
Meanwhile, vegan chicken alternative brand VFC Foods has raised £7.5m in a seed round led by Veg Capital. The company previously raised £3m in pre-seed funding, also Via Veg Capital, with plans to bring in outside investment sometime in 2023.