UK food manufacturer Symingtons has secured around GBP10m (US$15.7m) of investment to fund new product development and its launch into the gravy category.
The investment will provide a platform for the development of Symington’s new range of products such as gravy manufactured under the Aunt Bessie brand.
Symington’s said the gravy range has already been listed by most of the UK’s major retailers and has received very positive feedback from consumers and the retail trade.
The firm has secured additional funding from Yorkshire Bank, management shareholders and Hermes Private Equity, which is now managed by a division of Bridgepoint and bought the business alongside management in 2007. Symington’s said its turnover had doubled since the deal.
Chief executive David Salkeld said: “The move into this market fits perfectly with our current range of products and offers us a great opportunity for further development under a very strong brand name. This will continue to provide added value to the category and to our customers, whilst continuing to offer fantastic products to the consumer.”