Investment fund deal gives oomf to porridge brand
Foresight Group has announced a £500,000 equity investment into porride manufacturer Oomf through the Midlands Engine Investment Fund (MEIF).
Originally based in Dorset, Oomf recently opened a new manufacturing site in Northampton, hiring several staff from the area.
Oomf has two core product ranges: Protein Oats and Skinny Oats, which are currently sold through several major retail outlets including Sainsbury’s and Tesco.
The firm was founded by two brothers, Andrew and Robert Sweeney, who have backgrounds in finance and in sport science and nutrition respectively.
The investment will be used to buy equipment for the relocation to Northampton, to scale the business pending the outcome of advanced talks with other major supermarket chains and to expand the sales and marketing function based in the region.
Oomf co-founder, Andrew Sweeney, said: “These are exciting times and we are delighted to have Foresight’s backing through the MEIF. With its investment, we can upscale the business in our new East Midlands manufacturing base which is an ideal location for further expansion of the business into new retailers based across the UK.”
Jordan Lavender, investment analyst at Foresight Group, said: “We are delighted to be working with Oomf and in doing so bringing a vibrant, early stage company to the East Midlands.
“As a result of the investment, the company has been able to create more jobs for the area whilst taking advantage of a central base in the region to facilitate more cost-effective distribution. In addition, we are pleased to be supporting a company that is passionately promoting a more healthy lifestyle.”
Lewis Stringer, senior manager of British Business Bank’s South-East Midlands Network, added: “One of the British Business Bank’s key objectives is to reduce regional imbalances in access to finance for smaller businesses in the UK, which is part of what the Midlands Engine Investment Fund has been set up to achieve.
“It is good to see that MEIF investment is supporting Oomf in the next stage of its growth journey.”
Vicky Hlomuka, SEMLEP’s Growth Hub Manager, said: “It is important that innovative businesses, like Oomf, are able to access suitable finance to help them scale up and open new manufacturing facilities in the area. That is a key driver for SEMLEP and MEIF and it is great to see it having a positive impact in the area.”