Food Industry services providers, Ardboe Coldstore Ltd, has increased revenue by 30 per cent and created an additional 15 jobs in 18 months since receiving a £500,000 loan from the Growth Loan Fund. The company has expanded rapidly and now has 60 employees and a number of blue chip national and international customers that include Dale Farm, Karro Foods and Lacpatrick Dairies.
Finance for the £50m Growth Loan Fund – which provides loans to established Northern Ireland SMEs seeking to access growth finance – has been provided by Invest Northern Ireland and private investor, Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC).
Established in 2004, Ardboe Coldstore Ltd provides temperature controlled warehousing, distribution and added value services to the food sector. Operating from a six million cubic ft. facility, the business manages in excess of 20,000 pallets of ambient, chilled and frozen food products.
“Over the last 18 months the business has gone from strength to strength. The Growth Loan Fund has enabled us to create an additional 15 full time jobs, increase our revenues by 30 per cent, set up a satellite site in the North West of the Province and expand into several new markets such as the Netherlands and France, while strengthening our existing foothold in the Irish and UK markets.”
“Over the next 12 months we wish to develop our medium to long term strategy, increase our market presence and facilitate exports to developing markets such as China and the USA.
“Recently we have acquired a 25 acre parcel of land adjacent to our existing facility, which enjoys full uninhibited planning approval for commercial development. It is our intention to develop a food / industrial park here, complementing our existing business and creating multiple job opportunities for the local area in the medium to long term.”Managing Director of Ardboe Coldstore Ltd., Eugene Carson
“Since we provided funding to Ardboe Coldstore Ltd. last year, the business has subsequently grown its turnover and created jobs in the local area.”
“Eugene and his team have a clear strategy and structured management plan to lead the company into its next phase of growth. The business demonstrates great potential for growth and is the type of company the Growth Loan Fund was set up to support.” Senior Portfolio Manager at WhiteRock Capital Partners, Rhona Barbour
WhiteRock Capital Partners LLP, which is authorised and regulated by the FCA, was established in 2012 to manage the Fund and is owned by a consortium of three partners – WhiteRock Finance Limited, NEL Fund Managers and Clarendon Fund Managers.
Companies seeking funding from the Growth Loan Fund must be based in Northern Ireland, demonstrating growth and generally be in the manufacturing, engineering or tradable services sectors. Loans will be typically unsecured and personal guarantees will not be sought.
The loans provided are expected to be complementary to existing sources of finance, including banks, trade finance sources and equity investors. Loans are provided on a fully commercial basis, with monthly loan repayments required over typically a five-year term. For more information about the Growth Loan Fund’s criteria please contact firstname.lastname@example.org or go to www.growthloanfund.com.
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