Bone broth supplier Spring Food has secured a six-figure investment to support expansion as demand for high-end and natural stocks continues to rise.
The Essex-based business, which launched in 2017, makes a range of almost 30 bone broth products sold online and through its network of partners, including M&S, high-end independent food retailers and farmers’ markets.
The East of England Regional Growth Loan Scheme (RGLS), managed by the FSE Group, lent Spring Food £100k to help it capitalise on the growing market for bone broth, which has attracted attention for its nutritional benefits.
“This growth loan facility is exactly what we were looking for at this stage of our business,” said founder and MD Tom Pryor. “It not only helps us implement our current digital and marketing strategies, but also supports capacity building and provides the working capital needed to facilitate the delivery of large contracts to major customers. We are delighted to be working with FSE and look forward to accelerating our growth with this funding.”
Simon Elliott, investment manager at the FSE Group, added: “Spring has demonstrated an impressive trajectory with its organic growth and innovative product offerings. We are excited to support the continued expansion of the business and are confident that our investment will catalyse further success in their mission to deliver superior, sustainable food products.”
The RGLS is managed by the FSE Group on behalf of Local Enterprise Partnerships in the East of England. Loans between £50k and £500k are available to established incorporated businesses based within the East of England that have a minimum annual turnover of £100k and need the cash for a range of growth activities, as well as to service short to medium-term trade and contract finance requirements.
Waitrose earlier this year highlighted bone broth as an in-demand product, with searches on its website up 163%.
Sales of Borough Bone Broth in Waitrose had also soared, the retailer added. Freja has also made significant distribution gains, as well as launching NPD in the category, including bone broth powdered shakes and instant bone broth sachets.
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