New products helping drive growth at Fairoak Foods
5 December 2018
Fairoak Foods, a food manufacturer for premium retail and restaurant brands, has added seven clients to its roster as it develops new products to drive growth.
The business supplies high-street restaurants and retail brands with a range of chilled products, from "free-from" vegan soups to slow-cooked ragu and stews to premium cooking and pour over sauces.
The growth is supported by Lloyds Banking Group, through an agreed facility, which has allowed Fairoak Foods to explore new product lines and new packaging options that have helped secure new contract wins.
Founded in 2012, the company employs 45 staff based in Surrey and achieved a 97 per cent 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 facility in Woking last year.
Steve Elkins, managing director of Fairoak Foods, said: "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 the Fairaok Food team's ability to deliver high quality products consistently for our clients."
Marcus Carolan, regional manager at Lloyds Bank Global Transaction Banking, added: "Fairoak Foods has enjoyed enormous growth over the past year, due to its high-quality products and targeted growth strategy.
"Its high-profile client list is testament to the business' success and the funding we've provided will ensure smooth running as it continue to expand."