Member Article

Redcar fish and chip fryer manufacturers plot major expansion

North East manufacturers of frying ranges used in fish and chip shops, Martyn Edwards-Frank Ford Ltd, are expanding in Redcar following £183k investment.

It is now the first company in the region to secure an investment that includes grant funding from UK Steel Enterprise’s new Access to Finance scheme, supported by the government’s Regional Growth Fund.

Martyn Edwards-Frank Ford’s latest investment of £183,000 is made up of a loan of £120,000 and a grant of £63,000. It has enabled it to purchase the 30,000 sq ft factory in Redcar that it had been leasing, providing a secure base for its plans to double production and boost the current 38-strong workforce by at least 10 in the next couple of years.

The finance follows hot on the heels of a £100,000 investment from UK Steel Enterprise, the Tata Steel business-support subsidiary, made earlier this year to help the company develop sales of its top-selling Omega frying range, a highly energy-efficient range that is spearheading the company’s move into Europe.

Stan Price and Dave Atkinson, directors of Martyn Edwards-Frank Ford Ltd both began their careers in the steel industry but now have decades of experience in catering and equipment manufacturing.

Stan Price said: “This is an important acquisition for us. Now we own the building, we can go ahead with our plans to invest in development and new equipment with full confidence.

“We are very grateful for UK Steel Enterprise’s continuing support. The finance is vital but they are also very switched on to the needs of businesses and make the investment process straightforward and easy.”

Assisting the company in securing the investment was North East accountancy and business advisory firm Evolution LLP.

Stan added: “Having UK Steel Enterprise and Evolution working with us is a real benefit as we operate in a very competitive market and are now taking on competition from Scandinavia and elsewhere.

“We are delighted that the first investment from our Access to Finance scheme is going to a Teesside company that is a leader in the UK,” said Peter Taylor of UK Steel Enterprise. “The £1.2m we received from the Regional Growth Fund has meant that we can now include an element of grant funding alongside the loan and equity finance we provide and that is going to be of real benefit to smaller businesses in our steel areas.”

Evolution LLP senior manager Andrew Rowe said: “It is excellent news that the company has secured this second investment from UK Steel Enterprise. The grant element has played an important part and the company could not have secured this purchase without UK Steel Enterprise’s help. We are pleased to be working alongside UKSE again, supporting a successful Tees-based business”.

This was posted in Bdaily's Members' News section by Tom Keighley .