A Birmingham-based wholesale supplier of quality products to the food and drink industry 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 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 serves around 5,000 retail and foodservice customers and also supplies fast food packaging and housewares.
Indus is led by Managing Director, Tariq Areehy, a highly experienced businessman and entrepreneur.
Tariq Areehy, Managing Director at Indus 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 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.”
Ryan Cartwright, Senior Manager at the British Business Bank, said,
The Midlands is home to a range of ambitious businesses looking to grow. With investment from MEIF, small business like Indus Foods are able to fund expansion projects, create new jobs and in turn support the growth of the region’s economy.”
Pat Hanlon, Director for Access to Finance at GBSLEP said,
This is a fantastic example of how our investment in the Midlands Engine Investment Fund can help Greater Birmingham businesses generate new, local jobs and support a sector which is incredibly important to the economic growth of the region. The new hub will become a major asset for the business, and we’re looking forward to seeing continued success for Indus Foods.”
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.