£1M investment helps Israeli-backed firm work its magic
Mittwoch, 14 Januar 2009
A SPECIALIST Israeli-backed soya milk manufacturer is set to expand its Yorkshire operation following a £1m cash boost.
Soya Magic will use the investment by Partnership Investment Finance (PIF) and the Yorkshire and Humber Equity Fund to buy new equipment and machinery to meet orders for its original, light and chocolate flavoured soya milk drinks in selected Tesco and Somerfield stores across the UK.
The firm, which invested £6m in building the manufacturing plant three years ago, said it is creating a further 35 jobs in the area as a result of the new contracts.
Alon Salamon, managing director for Soya Magic, said: “With the support of Partnership Investment Finance and the Yorkshire & Humber Equity Fund Soya Magic is well placed to take advantage of the growing market for our products. “The whole of the UK is easily serviced from our location in Grimsby and will allow us to make inroads with a truly extraordinary product."
PIF investment manager Ondrej Okeke said: “Alon and his team have created an excellent manufacturing facility in Grimsby which is making a fantastic consumer product which has promising prospects in the UK retail market.
“The fact that Soya Magic is currently stocked with Tesco and Somerfield speaks volumes about the potential for this business.”
The UK is the largest market for chilled soya drinks and has doubled every two years. Soya Magic said it chose Grimsby ahead of rival locations because of a “buzz” it didn’t find elsewhere. It also noted the areas excellent food culture.
PIF is an investment fund aimed at supporting growing businesses in Yorkshire and the Humber.
The Yorkshire & Humber Equity Fund is one of three regional venture capital funds managed by YFM Group.