Quorn feeds growth with £40m investment programme
QUORN is to invest a further £40m as it looks to continue its strong momentum in the UK and overseas.
The meat-free producer operates in 15 global markets and has sales of £150m but has its sights set on the $1bn (£650m) milestone and has already invested heavily in its manufacturing sites to build its capacity.
Kevin Brennan, chief executive of Quorn Foods, described the investment plans as “a real statement of intent”.
The latest investment programme is focused on product creation and research and development, as it looks to further expand its product range. A vegan-friendly range is scheduled to launch later this year, along with a number of other products.
It will also be used to further international expansion, with Quorn aiming to double its business in Germany, Denmark and Finland this year, while also entering at least one new market.
Mr Brennan said: “All of the 15 markets we directly export to are performing extremely well, with sales of Quorn likely to double in Germany, Finland and Denmark over the next 12 months, and plans to expand into at least one new international market in 2015 as we look to build on current momentum.
“There’s no doubt that Government policy around R&D Relief and The Patent Box is helping to fuel our growth, and that of other innovative companies, and the next Budget offers the perfect opportunity for the Chancellor to show his commitment to businesses such as ours and take steps to protect and enhance tax relief measures.”
Quorn, which is attracting interest from American private equity groups, recently passed a key tipping point and now sells to more meat-eaters than vegetarians. It attracted 1.86m new customers over the last 12 months.
It employs 650 people with more than half of its staff based at its headquarters in Stokesley, North Yorkshire, and it also has a large site in Billingham, Teesside.
Last month Quorn won the Large Manufacturer award at TheBusinessDesk.com’s Business Masters awards.
