Chesterfield pâté producer Original Recipes is aiming to treble its capacity after securing a £25,000 investment from the Northern Powerhouse Investment Fund.
Father and son team Alistair and Will Sutherland founded Original Recipes in 2012, drawing upon secret formulas first produced by Alistair’s grandmother in the 1920’s, transforming the Sutherland name into a household brand with its range of spreads and pâtés enjoyed by millions of people each week.
Finance For Enterprise helped to secure funding to purchase additional new equipment after seeing an increase in demand for their new products with a growing number of sports stadia and event management businesses including the Royal Armouries, Hull Kingston Rovers and Derby County FC, as well as securing regular orders from pubs and restaurants across the UK.
Since securing a NPIF loan, the Chesterfield-based business has invested in new kitchen equipment, enabling production capacity to increase from just over 1,000 terrines per week to more than 3,300.
The funding has also been used to safeguard two jobs within the business, and two new jobs are due to be added to the Original Recipe’s workforce within the next six months.
Alistair Sutherland, MD at Original Recipes said: “Since launching the business in 2012, we explored a number of different routes to market, and realised that whilst pâtés and terrines are always a popular choice whenever they appear on the menu, they can be complicated and costly for professional chefs to produce. Terrines take specialist knowledge and lots of time to perfect, which can often be incompatible with the demands of catering for large events.”
David Lee, Investment Manager, Finance For Enterprise said: “As a not-for-profit organisation, Finance For Enterprise works closely with business owners to help them choose the right form of funding to meet their needs. We worked with Original Recipes to help them access the Northern Powerhouse Investment Fund which was created with businesses like Original Recipes in mind, who require short-term investment to unlock the true potential of their business”.
Grant Peggie, Director at British Business Bank, said: “The Sheffield City Region is home to an abundance of ambitious SMEs that are looking to expand and access new markets. It’s good to see that NPIF’s fund managers are seeking out these fascinating businesses that are looking to grow.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.