York food manufacturer receives £1.07m funding package
A food manufacturer of dried meat snacks has received a £1.07m funding package to support expansion plans and boost its growth.
New World Foods (Europe), which has its factory in York, supplies products, including Biltong and Jerky, to all of the major supermarkets across the UK since June 2015. It has seen growth through the agreement of multiple sole supplier relationships with leading retailers.
The business is part of a global group which entered the UK in 2014 through the acquisition of the brand Kings Elite Snacks, which was founded by former England Rugby Union players.
HSBC has provided New World Foods (Europe) with a funding package worth £1.07m to facilitate the expansion of the firm’s manufacturing capability and support its ambitious growth plans.
Charlie Simpson-Daniel, managing director of New World Foods (Europe), said: “The financial backing from HSBC will allow us to pursue our aggressive growth strategy. We are constantly launching new products and winning new clients, with significant growth being seen and forecast in the UK market. We are now the fastest growing meat snack brand in the UK and Kings is the brand leader in Biltong and expected to become the brand leader in Jerky in January 2018 through new product launches and sole supplier agreements.”
The business has already purchased new industrial units, which have doubled its previous production capacity, and it plans to create up to 20 new manufacturing jobs in the coming year.
In addition, the business expects to increase its turnover by 50% over the next year.
Phil Look, HSBC’s North Yorkshire and Humber area director, said: “New World Foods (Europe) is a fine example of a North Yorkshire business with excellent products and equally impressive growth ambitions. We look forward to seeing the business flourish in the UK and overseas.”
The deal was completed by Stephen Smith, HSBC’s Senior Relationship Manager.
New World Foods (Europe) is part of a global snacks group majority owned by New World Foods Plc whose Head Office is in Australia. The international firm entered the UK Market after acquiring Kings Elite Snacks, which was founded by former rugby players Charlie Simpson-Daniel, Mark Simpson-Daniel, James Simpson-Daniel and Mike Tindall.
