Jun 16th, 2014
7 mins
Norfolk Food Business Secures Major Investment
A Norfolk food company specialising in premium party foods and indulgent sweet & savoury snacks is set for further expansion this year after receiving funding from several external investors.
Frank Dale Foods is one of the UK’s leading SME food manufacturers. A Norfolk-based award winning family business, on an exciting journey. They have built a reputation over 20 years as specialists in miniaturising British classics for foodservice and an increasingly wider range of sectors. Producing hand-finished savoury & sweet canapés, traditional stone-oven-baked Quiche Pickups and a range of ‘Truly British’ one-bite mini cakes, including the classic Mini Victoria Sponge; as served at the Queen’s Diamond Jubilee at Sandringham in June 2012. The last 6 years has seen them move from kitchen table to board table as they have grown and matured the business. Operating from a purpose built food factory with BRC certification they have 50% more production capacity for new markets and export. They are a business built on strong family values and driven by a passion to perform, with an emerging professional culture.
Managing Director, Robert Dale, and his team are now looking to expand further and have been successful in securing a funding package worth £675,000, brokered by Chairman Nigel Cushion and supported by Finance East , an Ipswich based fund manager supporting small and medium sized businesses across the East of England region. The new funding is made up of a grant from the New Anglia LEP, a loan from Finance East and over half the total in new equity – most of this coming from Cambridge Capital Group (CCG) .
Frank Dale Chairman, Nigel Cushion announced, “We are delighted to have raised more than our target, in fact we were oversubscribed, and turned some funding away. We are particularly looking forward to working with our new shareholders and board to capture the emerging exciting market opportunities both in the UK and overseas.”
The funding package will be used to maintain growth with existing customers, develop the business into new markets, enhance and upgrade production lines and improve production and stock efficiencies, creating 15 new jobs by the end of this year and supporting the company to double turnover in the next 5 years. The funding will release Frank Dale to maintain their impressive growth record and move on to the next stage of the growth journey.
Stuart Ager, Senior Fund Manager at Finance East comments: “To survive and thrive in the recent economic climate, businesses have needed to find a way to stand out in their market, or indeed, venture into new markets. Frank Dale Foods has been successful in both these areas, through its innovative produce distinguishing it from competitors and in developing additional product ranges to address new market opportunities. We, along with the other funders, are pleased to be supporting Robert and the team through their next phase of growth and are excited to be part of their ongoing journey.”
[1] Finance East provides an alternative source of loan finance to support high-growth businesses based in the East of England Region, providing loan finance to established SMEs seeking to implement growth strategies. It also works in partnership with New Anglia Local Enterprise Partnership to deliver grants through the Growing Business Fund. It is a subsidiary of The FSE Group.
[1] Cambridge Capital Group is a leading private investment network with a membership of business angels and specialist venture funds around the Eastern region. The group, now numbering more than 60 members, supports hi-tech investments in the Cambridge technology cluster and growth businesses with clear USP in the wider East Anglian counties .There are now more than 35 companies in the current portfolio.
A local chapter of angels for Norfolk and Suffolk has recently been established as the Anglia Capital Group and is based on the Norwich Research Park Campus.
In this transaction CCG were represented and advised by Taylor Vinters & Larking Gowen and FDF by Ashton KCJ
See www.cambridgecapitalgroup.co.uk; www.angliacapitalgroup.co.uk
** Contact Matt Lawley (Sales & Marketing Manager) for more information:
E: matt.lawley@frankdalefoods.co.uk, T: 01953 787706
