"Following successfully securing £19m funding from Lloyds Bank, FEI Foods, a manufacturer of microwavable pouch products has invested in a new 250,000 sq ft site that will create up to 70 jobs.
The Swansea –based food manufacturer, which supplies own label microwavable rice and grain products to retailers across the UK and Europe, will be launching the new site at Llantrisant Business Park, between Swansea and Cardiff in 2019.
The move comes after the company has experienced a rise in customer demand over recent years, with sales rising significantly since 2010. In that time staff numbers have increased from 60 to 360. The move to the larger premises and investment in new machinery is forecast to double the company’s capacity. Whilst the purpose built facilities will also enable the firm to boost investment in the research and development of new products.
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Finance Director at FEI Foods Lloyd Williams, comments: “Change in consumers' cooking habits have contributed to a significant boost in sales over the past few years. People now want quick, high-quality foods, and the convenience of our products has been a key contributor to our success. Although the boost in sales has been great for business, it’s meant that we’ve been operating at near full capacity for the past few years."
“Moving to the new site will provide us with the additional space and capacity we need to continue on our impressive growth journey." Lloyds Bank have funded the expansion providing an initial £8m term loan to secure the new premises and enable full refurbishment of the new site, and an £11m hire purchase and leasing facility to buy new machinery.
The company expects to achieve a turnover of £70m within the next 12 months as a result of the expansion with Lloyd Williams adding: “We’ve been working with Lloyds Bank for the past eight years and they have been an instrumental part of our growth. "This latest financing illustrates their continued commitment to our business.”
Relationship Director at Lloyds Bank Commercial Banking, Paul Williams added: “Moving to the new premises will be an exciting stage in FEI Foods’ development, providing the company with a modern space that suits its specific needs. Food and drink firms across the UK are thriving, and our recent report into the sector found that companies expect a 21% increase in turnover over the next five years.”
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