A Rochdale-based fresh foods company has received a £1.2m boost from the Barclays Northern Powerhouse Growth Fund and UK Export Finance to support the continued expansion of the business.
Forrest Fresh Foods (FFF) has been trading for more than 20 years having been founded in 1996 by John and Nichola Forrest. It started life as a fruit and vegetable supplier before diversifying to sell potatoes to fish and chip shops across the North West. This year, its product portfolio grew to include toiletries and household goods, pet care products and groceries with plans to introduce licensed and medical produce.
The company’s export service has also enjoyed strong growth, providing a host of brands to businesses across the globe and gaining a strong customer base across all continents. In recognition, it won the International Company of the Year (£25m – £50m turnover) at Insider’s International Trade Awards sponsored by Barclays.
The support FFF has secured from Barclays includes a £100,000 term loan to support growth and investment in new racking, a £600,000 asset finance facility to support the purchase of new HGVs and a £500,000 export trade finance facility.
Managing director Chris Craven said: “We’ve been growing organically since we started out in 1996 and have worked alongside Barclays for many years. This new funding deal has enabled us to invest in new plant and distribution to support our rapid expansion plans.
“We’re thrilled that Barclays has been able to support us with very tailored funding solutions for our continued growth plans and to take the business to the next level of our trading ambitions.”
Shamir Patel, Barclays relationship director, put together the funding package for the deal. He added: “Forrest Fresh Foods is a great example of a thriving business that is expanding for the future and contributing to the local economy. The new funding from our Northern Powerhouse fund has enabled the company to invest in critical areas that are needed to support the business’ growth ambitions.”
Steve Cowles, export finance manager for North West England for UK Export Finance, said: “Businesses that export can make more money, be more productive and support more jobs – and Forrest Fresh is the perfect example of that in action.
“UK Export Finance is here to help companies like Forrest Fresh win, fulfil and get paid for export contracts, and it’s great to see that quick and easy access to trade finance through our Export Working Capital scheme and our partnership with Barclays has been vital to their recent success.”
