Partner:FW Capital
Region:North West
Location:Manchester
Programme:Northern Powerhouse Investment Fund
Manchester-based Sterling Meat Company bolstered its growth following the roll out of two new Sterling Food to Go Stores and the creation of 20 jobs after securing a £500,000 investment from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund.
The Sterling Meat Company which operates under two brands; Meat Mart and Sterling Foods to Go, is run by experienced meat entrepreneur Tom Cribbins. The business plans to scale its North of England customer base with the opening of two new Sterling Food to Go Stores in Middleton and Doncaster, increasing its headcount by creating 20 new jobs. The investment will also support the firm’s capital expenditure and working capital needs.
Meat Mart is a dedicated high street butchers store brand, offering a quality range of fresh meats, frozen food and ready to eat pies and sandwiches at six locations across the North and Midlands – Astley, Barnsley, Hellaby, Hunslet, Wigan and West Bromwich. Sterling Foods to Go are high street shops offering hot and cold food to go and has five locations which include Stockport, Salford, and two in Hull in addition to the two new stores.
Adam Husband, Investment Executive at FW Capital facilitated the investment for Sterling Meat Company following an introduction from Ben Day at Cowgills.
Howard Lomax, Operations Director at Sterling Meat Company said: “Our vision at Sterling Meat Company is to increase our presence on the high street and increase our number of stores to over 12. The cash injection received from the investment from NPIF – FW Capital Debt Finance is helping us to realise these growth ambitions and bring our brands and products to a wider audience of consumers.”
Adam Husband, Investment Executive at FW Capital, said: “The NPIF funding is all about supporting growth and this is a great example of a well-run business that was looking for additional support to fulfil its next stage of expansion. The management team at Sterling Meat Company have a very strong track record and both brands deliver quality products to its customer base which is why it is doing so well. The growth the business is currently experiencing is testament to this and I’m delighted to be supporting Sterling Meat Company grow its presence across the North.”
Sean Hutchinson at the British Business Bank, said “Access to finance is a key tool to driving growth and development in the North, and the investment will play an important part in helping Sterling Meat realise its expansion goals. The creation of 20 new jobs highlights the role of businesses in supporting the economic growth of the region, and NPIF plays an important part in supporting this development.”
FW Capital can provide loans in the NPIF region with a focus on Cheshire, Cumbria, Greater Manchester, Lancashire, Merseyside, and the Tees Valley.
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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