Food group porks up with £74m funding package

PORK supplier Karro Food Group is looking to increase the speed of its growth after securing a £74m funding package.

The group, based in Malton, North Yorkshire, has agreed the funding from GE Capital and RBS Invoice Finance to support its expansion in the UK and internationally.

It is currently investing £10m in capital projects – £8m of which is being spent at its largest factory in Northern Ireland – while it is actively seeking acquisition.

Karro Food Group’s executive chairwoman Di Walker said the package announced would “increase our financial fire power and inject further momentum into our expansion and acquisition plans”.

The company employs 3,000 people in the UK and its most recent accounts showed annual sales of £533m.

More good news is expected in the coming weeks, with accounts expected to show a “significant underlying improvement in the profitability of the business”.

She added: “Over the last few years Karro has transformed from an internally operationally focussed business to one that is now focussed on future growth.”

Andy Pickford, corporate business development director at RBS Invoice Finance, said: “This deal will help it deliver on its organic and M&A growth strategy.”