Manufacturer of microwavable pouch products, FEI Foods Ltd., has invested in a new 250,000 sqft site and is aiming to create up to 70 jobs in South Wales.
FEI Foods Limited, which supplies own-brand microwavable rice and grain products to supermarkets across the UK and Europe, is due to open the new site in Wales next year.
The move comes after the company experienced a rise in client demand, with sales rising significantly over the past seven years. In that same time period, staff numbers have increased from 60 to 360.
Moving to the new premises, based at Llantrisant Business Park in South Wales, and investing in new machinery will double the company’s capacity.
The increase in space will also enable the firm to boost investment in the research and development of new products.
Lloyds Bank provided an £8m term loan to secure the new premises and enable the refurbishment of the new site, as well as an £11m hire purchase and leasing facility to buy new machinery.
As a result of the expansion, the company expects to achieve a turnover of £70m within the next 12 months.
Lloyd Williams, finance director at FEI Foods, commented: “Change in consumers cooking habits has contributed to a significant boost in sales over the past few years. People now want quick, high-quality foods, and the convenience of our products has been a key contributor to our success.
“Although the boost in sales has been great for business, it’s meant that we’ve been operating at near-full capacity for the past few years.
“Moving to the new site will provide us with the additional space and capacity we need to continue on our impressive growth journey. We’ve been working with Lloyds Bank for the past eight years and they have been an instrumental part of our growth.
“The team always take the time to understand our aims and has provided the financial support required to ensure our successful expansion. This latest financing illustrates their continued commitment to our business.”