Foodmek to invest £500k support deal in jobs and innovation
Renaissance: Scot Kelly and Tayport team
Food processing equipment maker Foodmek is planning to double its seven-figure turnover after securing a £500,000 deal.
Funding has come from the Scottish Loan Scheme (SLS), part of the Government’s Scottish Growth Scheme.
The Tayport-based manufacturer which supplies some of the largest food producers in the UK says it will add to its current payroll of 32 but has given no targets.
The loan, £300,000 of which comes in the first tranche, will enable Foodmek to invest in new equipment, innovation and additional skilled engineers in its design office and factory operations.
A revised strategy at the 48-year-old company has been drawn up by managing director Scot Kelly. “We are investing in people to get into innovation in a big way,” he said.
Foodmek has already shown its commitment to its existing and future staff by signing up to the Scottish Business Pledge – which commits it to nine key promises including paying the Real Living Wage, no inappropriate use of zero-hours contracts, action to address the gender pay gap, investing in a skilled and diverse workforce, workforce engagement and community support.
The firm is already meeting those pledges through initiatives including supporting staff through Graduate, Modern and Foundation Apprenticeships and engaging with the Fife Developing the Young Workforce (DYW) team to boost employability support for local schools.
As part of Fife Business Week, Foodmek will help judge the Raytheon quadcopter challenge for 10 nearby schools as part of its supporting for its local community in Fife.
The loan’s second instalment of £200,000 will be paid by Scottish Enterprise if Foodmek meets agreed targets by 31 May next year. Foodmek is also a member of CeeD’s ‘Growth 500’ group.
Mr Kelly described the funding as a “vote of confidence” in the future of Foodmek.
“When I arrived at the company I was struck by the excellent quality of its staff, many of whom have served it well for decades. Our aim is to create a renaissance for Foodmek.
“Over time we see Foodmek spurring the economy of Tayport and beyond and attracting skilled people to the area.”
Kerry Sharp, Director, Scottish Investment Bank, said: “Foodmek is an excellent example of a forward-thinking and progressive Scottish business.”
Pamela Stevenson, enterprise & business development manager at Fife Council added: “This is great news for Scot and the team. Their resilience and growth ambitions are a superb accolade of their commitment to develop the business, the workforce and support the economy of Fife in doing so.”