A food & drink producer based across Lincolnshire has secured £250,000 to upgrade its production facilities, create eight jobs and service its growing customer base.
Wild Jacks Ltd (“Wild Jacks”) secured the finance from Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme (RLS). The MEIF funding will help to upgrade the company’s production facilities and create eight new jobs in the next year.
The investment will also allow the company to increase capacity in its existing events catering facilities, refurbish the premises and service new national contracts.
Founded in 2020 by Stuart and Joanna Hancock, Wild Jacks sources high-quality foods, bakery and meat products from Lincolnshire and operates multiple business lines, working with local producers, arable and meat farmers to sustainably provide these high-end products to a range of customers.
Wild Jacks is home to a number of brands including Odling's Butchers of Navenby, Welbourne's Wine & Deli, Welbourne's Bakery and their most recent acquisition, JH Starbuck (Baker & Caterer).
Stuart Hancock, Founder of Wild Jacks, said: “Lincolnshire has a proud history of agriculture and thanks to this investment, we will be able to accelerate our growth plans to offer high-quality, sustainable and local produce to a national range of customers. It has been great working alongside Leo and The FSE Group’s Midlands team, the funding arrives at a really important time for the business as we scale up our operations to service our growing customer numbers."
Leo Magee, Investment Manager at The FSE Group, which manages the MEIF Debt Finance Fund, adds: “We were impressed by Wild Jacks’ track record of rapid growth. The team boast senior personnel with significant experience in the industry. Additionally, the company has an impressive suite of business lines with a focus on providing the best locally sourced products. We are delighted to be able to offer this funding and look forward to working with Stuart, Joanna and the team to ensure they reach their goals for growth.”
Lewis Stringer, Senior Manager, UKN at British Business Bank, said: “This latest MEIF deal, backed by the Recovery Loan Scheme, will allow Wild Jacks to upgrade its production facilities, creating new jobs and supporting the business with its growth plans. This is another example of the region’s thriving food and drink sector. We would encourage other local businesses seeking to innovate and grow, to consider the options available through MEIF funding.”
Sarah Louise Fairburn, Chair of the Greater Lincolnshire Local Enterprise Partnership’s Food Board, said: “This is great news for an exciting new Lincolnshire business, and this funding underlines the importance of the food sector to Greater Lincolnshire. Our area is home to some outstanding food producers, from fish to free range pork and from cheese to chocolate. It’s no wonder that a business which champions Lincolnshire produce has become so successful so quickly. The new UK Food Valley will raise the profile of our food sector even higher and make it easier for innovative businesses like Wild Jacks to thrive.”
The Midlands Engine 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.
The FSE Group, MEIF Debt Finance Fund provides loans between £100,000 and £1.5million to help growing SMEs across the Midlands region.