Indus Foods is to create a manufacturing and production hub using a £1.5m fund it has secured from the MEIF Maven WM Debt Finance, which is supported financially by the European Union’s Regional Development Fund.
The new expansion will create a number of new jobs in the Midlands, with the Birmingham-based wholesaler planning to create new manufacturing units and extend its existing warehousing.
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.”
Senior manager at the British Business Bank, Ryan Cartwright, added: “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.”
“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,” said Raj Minhas, investment manager at Maven Capital Partners. “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.”
Indus specialises in ethnic foods, and offers services across the foodservice, manufacturing and retail sectors to around 5,000 customers.