Fife food equipment manufacturer scoops £500,000 to double sales
A Tayport manufacturer is aiming to double turnover and boost its workforce on the back of a £500,000 loan.
Foodmek, which supplies food processing equipment to producers in the UK and beyond, will use the cash injection from the Scottish Loan Scheme (SLS) to invest in machinery, innovation and additional engineers.
A first installment of £300,000 is available immediately, with the remainder to be delivered in a second tranche next year if Foodmek meets agreed targets.
SLS is administered by the Scottish Investment Bank, the investment arm of Scottish Enterprise.
MD Scott Kelly called the loan agreement “a vote of confidence” in the 48-year-old business.
He added: "This investment has pressed the start button on this exciting journey. Over time we see Foodmek spurring the economy of Tayport and beyond and attracting skilled people to the area.”
One of the design innovations enabled by the loan will develop a single short filler for display at trade shows, with the intention of supporting Scottish small food manufacturing companies as they expand their operations.