The funding from MEIF Maven WM Debt Finance, part of the Midlands Engine Investment Fund (MEIF), will enable the Birmingham-based wholesaler to create manufacturing units and extend its existing warehousing in a bid to improve efficiencies for the business.
Tariq Areehy, managing director at Indus Foods, said: “We are looking forward to modernising our warehouse and creating a manufacturing and production hub where whole spices will be prepared under our own-brand label.
“We have some really exciting plans ahead and we are looking forward to working with the Maven team to grow the business.”
Supplying to manufacturers and foodservice
Indus Foods supplies Asian foods – including spices, tinned ingredients, oils and flours – to the manufacturing, foodservice, retail and wholesale sectors specialising in ethnic foods. The company serves more than 5,000 customers and supplies fast food packaging and housewares.
Commenting on the funding, Greater Birmingham & Solihull local enterprise partnership director for access to finance Pat Hanlon said: “This is a fantastic example of how our investment in the Midlands Engine Investment Fund can help Greater Birmingham businesses generate new, local jobs and support a sector that is incredibly important to the economic growth of the region.
“The new hub will become a major asset for the business and we’re looking forward to seeing continued success for Indus Foods.”
European investment
The MEIF project is supported financially by the European Union, using funding from the European Regional Development Fund, as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Ryan Cartwright, senior manager at the British Business Bank, added: “The Midlands is home to a range of ambitious businesses looking to grow. With investment from MEIF, small business like Indus Foods are able to fund expansion projects, create new jobs and, in turn, support the growth of the region’s economy.”
Meanwhile, speciality bakery ingredients firm Real Good Food has secured an £8.87m credit facility to help repay part of its debt.