FOOD processing equipment maker Foodmek is activating an ambitious growth plan after securing £500,000 funding for it from the Scottish Loan Scheme (SLS), part of the Scottish Government’s Scottish Growth Scheme.
The Tayport-based manufacturer of food processing equipment and access platforms aims to use the loan from the SLS, which is administered by the Scottish Investment Bank to double its turnover and increase its workforce significantly.
The loan, £300,000 of which comes in the immediate first tranche, will enable Foodmek to invest in new equipment, innovation and additional skilled engineers in its design office and factory operations. One of the design innovation items enabled by the loan will be to develop a single short filler for display at trade shows – to support Scottish small food manufacturing companies as they expand their operations.
Foodmek has demomonstrated its commitment to its existing and future staff by signing up to the Scottish Business Pledge – which commits it to nine key promises including paying the real living wage, no inappropriate use of zero-hours contracts, action to address the gender pay gap, investing in a skilled and diverse workforce, workforce engagement and community support.
The loan’s second instalment of £200,000 will be paid by Scottish Enterprise if Foodmek meets agreed targets by May 31 next year.
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