The funding, secured through the Enterprise Guarantee Scheme, will also help the company continue its journey to exporting its baby food – made from Red Tractor assured halal meat from British farms – worldwide.
Commenting on the funding, For Aisha director Mark Salter said: “We are delighted to have secured this funding through the Enterprise Guarantee Scheme which will help us to not only expand our range of products but at the same time create three new jobs.
‘Supporting SMEs’
“It’s so important, particularly at this time in our history, that the UK government and financial institutions are supporting SMEs [small and medium sized enterprises] to help our export trade. I couldn’t be happier with the service that our Barclay’s business account team have provided.”
The investment followed the launch of 14 of For Aisha’s products into Sainsbury’s stores nationally in April this year, as well as a new range of Stage4 toddler tray meals.
Sales for the manufacturer are increasing 60% year-on-year with about 2m meals sold this year. Turnover for the company was expected to year £1.5m this year.
New product range
For Aisha is set to launch a new product range into two national retailer this September and also has plans to recruit and international sales person later this year to meet overseas demand.
Barclays’ relationship manager Richard Taylor added: “Mark has seen some great early success in his business journey. This funding will enable him to take the business to the next level and I am delighted we have been able to support him.”
Meanwhile, meat alternative food manufacturer Quorn Foods has invested £7m in a new global innovation centre in the north east of England, as it posts £112m in like-for-like sales in its 2018 half-year results.