Growth on the menu at food manufacturer

A food manufacturer which supplies premium retail and restaurant brands has developed a range of new products and won new clients, thanks to the support of Lloyds Bank.

Fairoak Foods in Surrey supplies a range of bespoke chilled products, from "free-from" vegan soups to slow-cooked ragù and stews to premium cooking and pour over sauces.

Through an agreed facility, the business is developing a range of new and innovative product lines and packaging options that have added seven new clients to its roster.

Driving growth

Founded in 2012, the company employs 45 staff and achieved a 97% increase in annual turnover to £3.8m from £1.9m last year.

Lloyds Bank's support follows a previous investment to enable the business to move to a new purpose-built BRC accredited facility in Woking last year.

"We're committed to producing the highest quality products for our clients, and welcoming seven new customers on board is a strong vote of confidence in our ability to deliver consistently for our clients."

Steve Elkins, managing director, Fairoak Foods

Worker at the assembly line at Fairoak Foods

"Consumers are increasingly looking for more choices, with food trends driving demand for innovative and bespoke chilled options.

"Restaurants and retail brand owners are responding and requesting the bespoke premium quality manufacturing that we specialise in providing. We see this as a big opportunity and it is driving us to innovate within our product range."

Inside the Fairoaks facility

Marcus Carolan, regional manager at Lloyds Bank Global Transaction Banking, said: "Fairoak Foods has enjoyed enormous growth over the past year, due to its high-quality products and targeted growth strategy."

All lending is subject to status.

Manufacturing

Find out how we are supporting Manufacturing businesses

Manufacturing

Important legal information

Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service.

Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Telephone: 0207 626 1500.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Registration Number 119278.

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.

Lloyds Banking Group includes companies using brands including Lloyds Bank, Halifax and Bank of Scotland and their associated companies. More information on Lloyds Banking Group can be found at www.lloydsbankinggroup.com