Meat retailer hungry for expansion after £500k support served up
A Manchester meat company has created 20 jobs and opened two ‘food to go’ stores following a £500,000 financial injection.
Sterling Meat Company received the investment from NPIF-FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
The company, which operates under two brands – Meat Mart and Sterling Foods to Go – is run by experienced meat entrepreneur Tom Cribbins.
The business plans to scale its North of England customer base with the opening of two Sterling Food to Go Stores in Middleton and Doncaster, increasing its headcount by 20. The investment will also support the firm’s capital expenditure and working capital needs.
Meat Mart is a dedicated high street butcher’s store brand, offering a range of fresh meats, frozen food and ready to eat pies and sandwiches at six locations across the North and Midlands.
Sterling Foods to Go are high street shops offering hot and cold food to go, with five locations which include Stockport, Salford, and two in Hull in addition to the two new stores.
Adam Husband, investment executive at FW Capital, facilitated the investment following an introduction from Ben Day at Cowgills.
Howard Lomax, operations director at Sterling Meat Company, said: “Our vision at Sterling Meat Company is to increase our presence on the high street and increase our number of stores to over 12.
“The cash injection received from the investment from NPIF-FW Capital Debt Finance is helping us to realise these growth ambitions and bring our brands and products to a wider audience of consumers.”
Adam Husband, investment executive at FW Capital, said: “The NPIF funding is all about supporting growth and this is a great example of a well-run business that was looking for additional support to fulfil its next stage of expansion.
“The management team at Sterling Meat Company have a very strong track record and both brands deliver quality products to its customer base which is why it is doing so well.”
Sean Hutchinson, at the British Business Bank, said: “Access to finance is a key tool to driving growth and development in the North, and the investment will play an important part in helping Sterling Meat realise its expansion goals.
“The creation of 20 new jobs highlights the role of businesses in supporting the economic growth of the region, and NPIF plays an important part in supporting this development.”
