Food manufacturer Symington’s has announced it has received a £10m investment to fund further growth through new product development and the launch into the gravy market.
The Leeds-based company has doubled its turnover in three years, after its Hermes Private Equity-backed buy out in 2007. It has now secured additional funding from Yorkshire Bank, management shareholders and the private equity fund, now managed by a division of Bridgepoint.
The investment will support the development of Symington’s new range of products, including gravy manufactured under the Aunt Bessie brand.
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.”
Symington’s brought 230 new products to market in the past year. Its decision to enter the gravy market, which is worth an estimated £139m, was deemed “a great opportunity for further development” by Salkeld.
Company chairman Edwin Booth, who is also chairman of grocers E H Booth & Co Ltd, said: “Symington’s is a major employer in the heart of Leeds, led by a top quality management team. This investment, allied to a continuing commitment to colleague training and up-skilling will ensure its fantastic people benefit from these strong foundations for growth.”