Region:Yorkshire and Humber
Programme:Northern Powerhouse Investment Fund
North Yorkshire-based Mackenzies Smoked Products Limited secured a six-figure investment from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund.
Mackenzies Smokehouse is a well-established business comprising a smokehouse manufacturing facility with a popular restaurant, farm shop and butcher’s counter and is renowned for its high-quality smoked food products.
The locally-sourced, artisan products are available to purchase from the on-site shop, website or in the on-site restaurant in Blubberhouses, in the heart of the Yorkshire Dales between Skipton and Harrogate.
The company had a turnover last year of £1,725,534. Its successful manufacturing business facilitates deliveries to clients all over the country and it recently secured a deal with Booths which now features its range from The Yorkshire Smokehouse in thirty stores.
The FW Capital investment will be used to develop Mackenzies’ manufacturing capability, to purchase equipment and additional stock and to invest in product development to expand its range. This has created 6 full-time and one part-time positions and safeguarded a further 16 jobs.
The relationship was established thanks to Garbutt + Elliott in York, which approached FW Capital for additional funding capital after working with Barclays to secure a debt funding round for Mackenzies.
Anne Blanden, Investment Executive at FW Capital completed the investment together with Investment Executive Sam Streckert.
Sam Streckert said: “Mackenzies is a well-established business with a great reputation and strong customer base. Since acquiring the business last year, Paul has worked hard to expand the range of quality goods on offer, as well as collaborating with other local producers.
“Paul has significant sector experience and the business is well positioned to expand its offering. We are delighted to have provided NPIF funding to help with these future growth plans and to have worked with Garbutt + Elliott to make this happen.”
Paul Palmer, Mackenzies Managing Director, said: “The team at FW Capital were extremely supportive and were able to expertly help us through the funding process. We’re very grateful for their support.
“This funding has allowed us to safeguard and create jobs and to expand the business in line with our ambitious growth plans.”
Tony Farmer, Corporate Finance Partner at Garbutt + Elliott, said: “This was a great team effort which involved debt finance from Barclays and working capital finance from FW Capital, which is allowing Mackenzies to formulate and implement growth plans to take the business forward.”
FW Capital provides loans in the NPIF region with a focus on the North West, Cumbria and Tees Valley.
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m). It works alongside ten Local Enterprise Partnerships (LEPs), the combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
FW Capital Limited is regulated by the Financial Conduct Authority as a small authorised UK Alternative Investment Fund Manager under firm reference number 506719
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