Tayport-based food processing equipment maker Foodmek is activating a growth plan after securing £500,000 funding from the Scottish Loan Scheme (SLS), part of the Scottish Government’s Scottish Growth Scheme.
The manufacturer of food processing equipment and access platforms to some of the largest food producers in the UK and beyond aims to use the loan from the SLS, which is administered by the Scottish Investment Bank, the investment arm of Scottish Enterprise, to double its turnover and increase its workforce significantly.
The loan, £300,000 of which comes in the immediate first tranche, will enable Foodmek to invest in new equipment, innovation and additional skilled engineers in its design office and factory operations.
One of the design innovation items enabled by the loan will be to develop a single short filler for display at trade shows – to support Scottish small food manufacturing companies as they expand their operations.
Investing in its people is at the heart of the 48-year-old company’s renaissance strategy masterminded by managing director, Scot Kelly. The GE veteran’s plan includes recruiting and training more highly-skilled engineers through apprenticeships in order to boost innovation for the first time in its history.
“We are investing in people to get into innovation in a big way,” said Scot. “They are the cornerstone of our strategy.”
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.