A Suffolk company delivering flavours, fragrances and ingredients to the food, drink and cosmetics industries has expanded into new premises with the support of a loan from the East of England Regional Growth Loan Scheme (RGLS), which is managed by Finance East.
Omega Ingredients was established by husband and wife team, Steve and Elizabeth Pearce, in 2001. As skilled biochemists with over 30 years industry experience, the pair have grown a unique and flourishing business, providing both ‘off the shelf’ and bespoke offerings to meet the needs of their clients. Having developed a strong and loyal customer base within the UK, they are now experiencing growth in the US and across Europe.
With overseas potential dramatically increasing, the business must be fully equipped to service them, as Elizabeth explains: “to become an approved supplier in this industry can take a considerable amount of time and investment, however once approved the business needs to be ready to meet the new customer requirements without hesitation. The rapidly expanding pipeline business has enabled us to identify the growth plan and future manufacturing requirements. With this in mind we invested (with the help of Finance East) in a new building facilitating expansion in product development, clean QA and factory facilities.
This £50,000 loan marks the fourth RGLS loan totalling £350,000 for Omega Ingredients, having taken the first in 2009 to implement a capital expenditure programme which has led to sustained growth for the business.
Stuart Ager, Senior Fund Manager at Finance East, remarks: “When we first started working with Omega over eight years ago, they were a team of six turning over around £750,000. The company now employs 20 people, is turning over in excess of £2million and is set for continued growth through 2017 and beyond. This innovative business marks a real success story for the region and we are delighted to have supported this latest expansion.”
The RGLS is managed by Finance East, part of The FSE Group, on behalf of Local Enterprise Partnerships in the East of England, and British Business Bank. The RGLS is available to established, incorporated businesses based within the East of England that have a minimum annual turnover of £100k, show strong growth potential and have a medium to long-term funding requirement to deliver that growth.
For more information about the Regional Growth Loan Scheme contact Stuart Ager on 07825 699407 or email email@example.com.