FOSTERS TRADITIONAL FOODS
Funding Improvements to its Production Line
Fosters Traditional Foods have been trading for over 40 years in Market Harborough in Leicestershire, and are a leading supplier of speciality ambient foods to the UK independent and multiple retail sectors, and have a range of over 3000 product lines. Fosters Traditional Foods Limited is part of The Blueberry Group.
The company recognized that in order to improve its production process it would need to invest in specialist assets including a Vertical, Form, Fill and Packing Machine, along with a Check Weighing & Metal Detection System – a significant capital investment.
Jeremy Lloyd, Financial Controller at Fosters said, “We have worked with Reality for a number of years and we were keen to understand their advice and ideas on how we could structure the finance for this new project.”
Reality Finance worked closely with both Fosters Traditional Foods and Enterprise Leicestershire* to provide a finance solution that worked for all parties and the new Packaging and Production line was successfully installed in June 2015.
Richard McGrath, Asset Finance Broker at Reality commented, “This deal was more complex than the norm because Fosters Traditional Foods were eligible for a grant from Enterprise Leicestershire, via the Government’s Regional Growth Fund”.
Jeremy added, “We are delighted with the speed and efficiency in which Reality secured the funding, their knowledge and expertise has meant we now have an improved production process, an injection of capital into the business and we are thrilled to be expanding the local workforce.”
* The Regional Growth Fund (RGF) is aimed at assisting SMEs wishing to acquire equipment, which in turn will result in either creating or safeguarding jobs. The RGF can result in a grant being allocated towards the deposit for an asset subject to qualifying criteria and conditions.