£1.25m funding as new food business launches range in supermarket
THE former head of food at Innocent has secured a £1.25m funding package to launch a range of quick cook meals.
Innocent announced it was ceasing its food production arm in March to focus on drinks and Paul Brown has set up Powder Bowl Trading to launch a range of veg and noodle pots under the brand Bõl Foods.
The range consists of 10 products inspired by cuisine from around the world – four Noodle Bõls, four Vegetable Bõls and two Superfood Bõls, and are stocked in Tesco, Sainsbury’s and Ocado.
Mr Brown said: “Bõl has been launched to shake up ready meals with fresh flavours and textures, and bring innovation to a category largely dominated by own label. While similar in format and appearance to Veg and Noodle Pots, the meals have been developed by a new team of chefs and are manufactured by a new supplier.
“Bõl’s plan is to constantly innovate and push the boundaries – the world is full of incredible dishes we can take inspiration from and make part of our range.”
The Yorkshire Mid Markets team from Lloyds Bank Commercial Banking has provided working capital facilities worth £1.25m.
Adam Barraclough, relationship director at Lloyds Bank Commercial Banking, said: “We have worked with the Innocent brand since the early 2000s and this development is a fantastic opportunity to support a new and innovative company with investment.
“It has been fantastic to see the commitment of Paul Brown and his team to ensuring the success of Bõl Foods and we look forward to supporting them further develop the brand in the ready meal market.”
