Leeds-based food manufacturer Symington’s has announced £10m of new investment to fund new product development and its launch into the gravy market.
The company has doubled its turnover in the three years since a buy out by Hermes Private Equity. Now, this new investment, secured from Yorkshire Bank management shareholders and the private equity fund will provide a platform for the development of Symington’s new range of products including gravy manufactured under the well established Aunt Bessie brand. The gravy range – infiltrating a market worth an estimated £139m – has already been listed by most of the UK’s major retailers.
Symington’s chief executive David Salkeld said: “This significant inward investment supports our strategy to continue the growth in the business. Since the management buy-in in September 2007 the business has doubled in size to around £90m turnover. This growth is planned to continue with the support of this investment and our continued programme of innovative product development.
The move into the gravy market “will continue to provide added value to the category and to our customers, whilst continuing to offer fantastic products to the consumer,” he added.
Symington’s makes a wide variety of products, from soups, rice, pasta, cous cous and home-baking bearing the names of TV chefs Ainsley Harriott and James Martin, to Golden Wonder Nation’s Noodles, various Crosse & Blackwell branded products and Symington’s own brands of soups and snack products.