Fast-growing food firm to create 70 more jobs
ACOMPANY that makes microwavable rice is creating 70 new jobs in Llantrisant. Fast-growing FEI Foods has recently invested in a new 250,000 sq ft site in the town in Rhondda Cynon Taff after securing a £19m funding facility from Lloyds Bank.
The Swansea-based manufacturer, which supplies own-brand microwavable rice and grain products to supermarkets across the UK and Europe, will be opening the new site next year.
The move comes after the company has experienced a rise in customer demand over recent years, with sales rising significantly since 2010. In that time staff numbers have increased from 60 to 360.
Moving to the new premises at Llantrisant Business Park and investing in new machinery will double the company’s capacity.
The increase in space will also enable the firm to boost investment in the research and development of new products.
Lloyd Williams, finance director at FEI Foods, said: “Changes in consumers’ cooking habits have contributed to a significant boost in sales over the past few years. People now want quick, high-quality foods and the convenience of our products has been a key contributor to our success.
“Although the boost in sales has been great for business, it’s meant that we’ve been operating at near full capacity for the past few years.
“Moving to the new site will provide us with the additional space and capacity we need to continue on our impressive growth journey.”
FEI Foods was listed in the 2017 Wales Top 300, coming in at 240th place.
The company has achieved impressive growth, adding 50% to turnover to boost it from £22m in 2015 to £33m in 2016.
Pre-tax profit in both years was £1m, a slight drop in profit margin from 4.6% to 4%.
As a result of this latest expansion, the company expects to achieve a turnover of £70m within the next 12 months.
Lloyds Bank provided an £8m term loan to secure the new premises and enable full refurbishment of the new site, and an £11m hire purchase and leasing facility to buy new machinery.
Lloyd Williams added: “We’ve been working with Lloyds Bank for the past eight years and they have been an instrumental part of our growth.
“This latest financing illustrates their continued commitment to our business.”
Paul Williams, relationship director at Lloyds Bank Commercial Banking, added: “Moving to the new premises will be an exciting stage in FEI Foods’ development, providing the company with a modern space that suits its specific needs.
“Food and drink firms across the UK are thriving, and our recent report into the sector found that companies expect a 21% increase in turnover over the next five years.”
FEI Foods is part of the Frenchowned Marbour international food group. It was founded in Swansea in 1996 and specialised in ready-to-eat rice and pasta from the start.
It was acquired by Marbour in October 2010 and has since become a market leader in ready-to-eat rice in Europe, in partnership with fellow Marbour subsidiary Inariz, which is based in Brittany.