Leicestershire vitamins manufacturer to create 20 jobs

Leicesteshire-based Lifeplan Products has received £500,000 of finance through the Midlands Engine Investment Fund (MEIF).

The deal will see the manufacturer of vitamins and mineral supplements buy new machinery and increase the size of its staff by 20 by 2022.

Based in rural Leicestershire, Lifeplan was founded in 1983, initially launching with a portfolio of just 33 supplements. After experiencing growing levels of demand from those looking to take more control over their wellbeing, it now ranks as one of the UK’s leading manufacturers of vitamins and mineral supplements – marketing more than 280 products in over 40 countries worldwide.

The investment was secured from Maven Capital Partners – one of three Fund Managers responsible for the debt finance available through the MEIF.

Lifeplan says it wants to double its annual sales over the next three years and develop new products.

Jackie Robinson, chief executive at Lifeplan, said: “This is the perfect timing for Lifeplan to receive this additional funding. The team and I are excited about the future prospects of the business and look forward to working with the team at Maven to fully exploit the opportunities available to Lifeplan.”

Grant Peggie, director, at the British Business Bank, said: “The British Business Bank is committed to the success of businesses from across the Midlands and via the Midlands Engine Investment Fund we are providing the region’s SMEs with access to finance that might not otherwise be available.

“It is great to see Maven making a significant investment in Leicestershire to support an ambitious business with its growth plans. To already export to 40 countries is a huge achievement and we hope that this injection of capital will not only contribute to the continued success of Lifeplan, but also the surrounding region, with new jobs already in the pipeline.”

Jonathan Lowe, investment director of Maven Capital Partners, said: “We are delighted to have supported Lifeplan, an established manufacturing business with a successful track record that is led by a strong and experienced management team. The business is well positioned to grow significantly over the next three years and beyond.

“This is a good example of Maven working closely with a company’s existing high street lenders to support the accelerated growth of a Midlands SME.”

Kevin Harris, vice-chair of the Leicester and Leicestershire Local Enterprise Partnership, said: “It is great to see a growing Leicestershire business receive this type of funding through the MEIF. The £500k loan will help Lifeplan to expand and reach its full potential which is exactly what the Fund was set up to achieve. Lifeplan will be one of many businesses to benefit from the debt finance loan and I’m looking forward to seeing a boost to business growth and productivity across the Midlands.”