A North East food firm is ramping up expansion plans after securing a new £4m-plus finance package.
JLM Global Foods manufacturers a whole range of ‘Better for You’ private label snacks for major brands, as well as its own label savoury snacks, which are sold around the Ƶ, with a global reach as far as Australia.
Directors have already injected £1m into the business to help ramp up growth, and now Leumi ABL has provided a multi-asset based lending facility, consisting of invoice finance, plant and machinery finance, inventory finance and a term loan, with an aggregate limit of £4.37m.
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It will enable the major exporter to increase its manufacturing capacity, research and development capabilities and serve more customers across the world.
The Darlington business crafts snacks using the team’s knowledge of how to combine raw materials with innovative low fat cooking processes, resulting in products that meet customer-specific nutritional needs.
The firm said its supply chains, production processes and new product development resources will give JLM Global Foods flexibility in the range of bespoke products that it can make.
Daniel Moore, commercial director at JLM Global Foods said: “Our team is focused on quality, innovation, speed to market, servicing our customers’ needs and meeting the growing demand for healthier snacks.
“It’s important that we continue to develop and innovate our product range and the support of Leumi ABL will take the business to the next level, and beyond.”
Mark Thompson, director of JLM Global Foods said: “The company is already a significant exporter and has ambitious plans to expand further in global markets including the Ƶ, Europe and America.
“Leumi ABL has shown confidence in the business, and with an additional planned investment of over £2million in state-of-the-art machinery in the coming months, the directors will ensure that the total investment package of £7.5million will continue to create jobs in Darlington and play a part in the renaissance of the town.”
JLM Global Foods was advised by Hill Dickinson.
