Sandwich firm Around Noon takes bite of Growth Loan Fund
NEWRY based food-to-go company Around Noon has taken a £750,000 bite of the £50 million Growth Loan Fund to support plans for further growth.
The company had humble beginnings in 1989, starting on Sheila Chambers' kitchen table at a time when food-to-go was a little-known concept.
But now its one of the fastest growing sectors in the food industry, with Around Noon employing more than 300 staff throughout their different brands like Scribbles, Sweet Things, and its most recent acquisition,the London-based Chef in the Box.
Chief executive Gareth Chambers said: “This loan will help us invest in developing our IT systems and infrastructure and will help us expand our new London operation. In the next five years we want to grow our turnover significantly.”
Last year he completed a management buyout of Around Noon and has since partnered with experienced food-to-go entrepreneur (and now Around Noon chairman) Howard Farquhar.
Jenna Mairs, investment manager of WhiteRock Capital Partners, which manages the Growth Loan Fund, said: “Around Noon has experienced a high level of growth in a very short time frame.
"The acquisition of Chef in the Box shows the ambition of the owners to strengthen the brand and gain a major foothold in the food sector.
"Consumers are increasingly looking for healthier on-the-go alternatives, and Gareth has identified a very lucrative market to diversify the company's product.
"There are exciting times ahead for the business as it continues to build towards its five-year strategy."