Wholesaler adds spice to expansion plans following £1.5m MEIF loan
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Food and packaging wholesaler, Indus Foods, will use funding to create a manufacturing and production hub and create a number of new jobs in the region.
Birmingham-based wholesale supplier of quality products to the food and drink industry, Indus Foods, has secured £1.5m from MEIF Maven WM Debt Finance, part of the Midlands Engine Investment Fund.
The loan will enable Indus Foods to create manufacturing units and extend its existing warehousing to improve efficiencies. The funding will also provide investment into the company’s new production hub and support the creation of a number of jobs in the region.
Indus Foods offers a range of services across the food service, manufacturing, retail and wholesale sectors, specialising in ethnic foods. The company is a wholesaler of Asian Foods which include spices, tinned ingredients, oils and flours. Indus Foods serves around 5,000 retail and food service customers and also supplies fast food packaging and housewares.
Indus Foods is led by Managing Director, Tariq Areehy, a highly experienced businessman and entrepreneur.
Tariq Areehy, Managing Director at Indus Foods said, “We are delighted to receive this funding boost to enable us to execute our growth plans. 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.”
Raj Minhas, Investment Manager at Maven Capital Partners, said, “Indus Foods is a well-established and profitable business that is looking to revamp its building to allow it to operate more effectively and efficiently as part of its growth plan. We are delighted to provide the business with this loan to help it pursue these ambitious plans and look forward to working with Tariq and the team.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.