FDBusiness.com

Quorn Announces £40 Million Investment to Fuel Further Expansion

 Breaking News
  • Nestlé UK Launches New On-trend Flavours Nestlé has introduced two new on-trend flavours to its much-loved Munchies brand in the UK and Ireland. Available in 101g sharing bags, new Munchies Chocolate Fudge Brownie and Munchies Cookie Dough are the first new Munchies products since 1996. The new flavours were created at Nestlé’s confectionery sites in York and Fawdon, Newcastle. Munchies Brand Manager [...]...
  • Dedicated Industry Forums Take on Packaging’s Hottest Topics Experts from major brands, such as Coca-Cola, Ella’s Kitchen and REN Clean Skincare, will take to the stage as part of the dedicated industry forums for the beauty, food and drink sectors at Packaging Innovations and Luxury Packaging London 2019. The show, which returns to Olympia on 11 & 12 September, will tackle the key subjects [...]...
  • Greene King Being Sold For £2.7 Billion CK Asset, which is one of the largest property developers in Hong Kong and an international investment group, has made a recommended £2.7 billion cash offer for Greene King, the UK’s leading integrated brewer and pub retailer operating over 2,700 pubs, restaurants and hotels across England, Wales and Scotland. Including debt, the enterprise value of [...]...
  • The Hershey Company Takes Minority Stake in Irish Snacking Brand The Hershey Company, the US-based food group, has made a minority investment in Fulfil Holdings, the owner of the snacking brand FULFIL. Headquartered in Dublin, Ireland, FULFIL has rapidly grown since its inception, now outselling many traditional chocolate snack bar brands in the UK and Ireland and named a top 50 consumer brand in Ireland. Brian [...]...
  • UK Restaurant Numbers Drop Again as Consumer Tastes Shift Britain’s restaurant numbers have fallen for the sixth quarter in a row, the new edition of the Market Growth Monitor from CGA and AlixPartners reveals. Independent operators have borne the brunt of the closures with group-owned restaurants proving more resilient despite some major brand failures. The quarterly survey of the country’s supply of licensed premises reports a 3.4% drop in [...]...

Quorn Announces £40 Million Investment to Fuel Further Expansion

Quorn Announces £40 Million Investment to Fuel Further Expansion
March 17
10:04 2015

Quorn Foods, the global meat free producer, is embarking on a £40 million investment drive to fuel further growth over the next 12 months. The North Yorkshire-based food manufacturer, which currently exports its meat alternative products to 15 international markets, is looking to build on the record 8% sales growth it experienced last year and plans to expand into at least one new international market in 2015, with a further two currently being considered.

This follows successful launches in Germany, Denmark and Finland in October 2014, with Quorn experiencing surging sales growth in all of the 15 international markets it currently operates in, as it pursues ambitions to become a $1 billion dollar business in the next ten years.

In 2014, total sales hit £150 million for the first time in the company’s 30 year history with international volume growth up 16% year-on-year. Quorn ended 2014 with 30% more distribution in the US following the creation of a dedicated stateside office, with like-for-like sales growing by 48% in the final quarter.

In Germany, a successful test has led to a national roll out with distribution wins in major retailers Edeka and Tegut in recent months spurring a like-for-like sales increase of 49.5%. In Switzerland, like-for-like sales were up 8.4% over 2014. Quorn has attracted 1.86 million new customers over the last 12 months.

The company cites existing tax breaks as a significant factor behind its decision to pursue such a rapid programme of expansion and is urging the Government to take measures to protect and build on these in the forthcoming Budget, to help encourage further growth and investment.

QuornMinceIn particular, The Patent Box, which allows corporations to a pay a lower rate of tax on profits generated from UK-owned intellectual property, has acted as a catalyst for Quorn’s programme of international expansion, with the company planning to invest a further £3m over 2015 on research and development.

Quorn has also benefitted from Research and Development Relief* which has spurned the company’s biggest ever programme of new product creation, with 30 products, both for UK and international markets, currently in development at its Stokesley headquarters. These include new gluten-free and vegan lines, both of which are set for launch later this year, as it looks to build on intense consumer interest in the ‘free from’ category.

Kevin Brennan, chief executive of Quorn Foods, says: “Our £40 million investment over the next 12 months is a real statement of intent, as we pursue our ambition to transform Quorn into a $1bn business, four to five times its current size. All of the 15 markets we directly export to are performing extremely well, with sales of Quorn likely to double in Germany, Finland and Denmark over the next 12 months, and plans to expand into at least one new international market in 2015 as we look to build on current momentum.”

He adds: “There’s no doubt that Government policy around R&D Relief and The Patent Box is helping to fuel our growth, and that of other innovative companies, and the next Budget offers the perfect opportunity for the Chancellor to show his commitment to businesses such as ours and take steps to protect and enhance tax relief measures.”

In addition to the £40 million investment over the next 12 months, Quorn is close to completion of a £30 million investment at its Billingham plant near Middlesbrough, which will see it double its production capacity from June onwards, creating 400 jobs in the process, including more than a dozen apprenticeship posts.

About Author

mike

mike

Related Articles

Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • September 11, 2019Packaging Innovations & Luxury Packaging London 2019
  • October 1, 2019PPMA Total Show
  • October 17, 2019Future Food-Tech
  • November 18, 2019Plastics Caps and Closures Conference 2019
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements