Darlington-based JLM Global Foods has secured funding from asset based lending solutions firm Leumi ABL to support a planned expansion in the business.
JLM Global Foods Ltd is a snacks company based in Darlington, which manufactures ”Better for You” Private Label snacks for major brands and retail own label on a worldwide basis.
Following an injection of £1 million by directors of the company, Leumi has provided JLM with a multi-asset based lending facility, consisting of invoice finance, plant and machinery finance, inventory finance and a Term Loan, with an aggregate limit of £4.37 million.
The funding will enable exporter JLM Global Foods to increase its manufacturing capacity, research and development capabilities and serve more customers across the world. JLM said that it will also provide “huge flexibility” in the range of bespoke products that it can make.
Satisfying demand
Daniel Moore, commercial director at JLM Global Foods said: “Our team is focused on quality, innovation, speed to market, servicing our customers’ needs and meeting the growing demand for healthier snacks.
“It’s important that we continue to develop and innovate our product range and the support of Leumi ABL will take the business to the next level, and beyond.”
Mark Thompson, director of JLM Global Foods said: “The company is already a significant exporter and has ambitious plans to expand further in global markets including the UK, Europe and America.
“Leumi ABL has shown confidence in the business, and with an additional planned investment of over £2 million in state-of-the-art machinery in the coming months, the directors will ensure that the total investment package of £7.5 million will continue to create jobs in Darlington and play a part in the renaissance of the town.”
