A specialist Indian food manufacturer from the East Midlands has rolled out an expansion plan and upgraded its production line, won new clients, and increased its workforce after securing new facilities from Yorkshire Bank.
Established in Leicester in 1977 Simtom Food Products make of a range of traditional Indian sauces, seasonings, marinades, pickles, and chutneys. The company imports materials from India and prepares products to its own recipe before selling to the retail and wholesale markets.
Simtom has secured facilities including asset finance and working capital facilities from Yorkshire Bank’s Business and Private Banking Centre in Leicester.
These increased facilities will support day to day trading and the new production facility.
The deal was arranged by Robin Kirkwood, Commercial Relationship Manager at Yorkshire Bank’s Business and Private Banking Centre in Leicester.
Bhavin Chandarana, Director at Simtom Food Products, said: “This significant financial commitment will help us to extend our reach in a sector we have been established in for more than 35 years.
“By investing in a new production line we have replaced our ageing machinery with new equipment, which will allow us to realise greater returns and achieve sustained economic growth.
“This would not have been possible without the support of the Yorkshire Bank which has worked closely with our team to help us realise our ambitions.”
Simtom is expected to enter a sustained period of growth in the next 5 years with the company looking to increase its customer base. To meet expected demand, plans forecast the workforce expand with up to 50 new posts likely to be created by 2015.
Chris Archer, head of food and drink at Yorkshire Bank said: “Simtom Food Products is a company with a clear business plan and is already proving to be a resilient brand which is performing well despite being faced with a challenging economy.
“Yorkshire Bank is pleased to be supporting the company and looks forward to continuing to develop our relationship in the coming years.”
Yorkshire Bank launched a £1 billion Business Expansion Fund last autumn as part of its support for growing businesses.