Nutreelife investment triples production

Vegan snack manufacturer Nutreelife has created jobs and tripled production capacity after investing in new equipment.

The Ormskirk company, founded in 2017, upped its production of protein bars, snacks and other plant-based snack products to meet growing demand.

The investment was backed by a hire purchase package provided by Siemens Financial Services, which allowed Nutreelife to install the new technology with no upfront payment, and the costs spread over five years.

The deal also met the conditions for the UK government’s super-deduction tax initiative, whereby a company investing in qualifying new plant and machinery assets is able to claim 130 per cent of the equipment’s value in year one.

Patrick Mroczak, MD and CEO at NutreeLife, said: "We were ready to invest in the next stage of business development. We needed new equipment to meet demand but we also wanted to preserve our cash flow to deal with the volatility of the pandemic.

“As a relatively new business, it’s not always easy to gain access to the right finance at a good price but SFS were incredibly accommodating. They really understood the benefit of the technology for our business and helped us unlock the investment.

"Despite the ups and downs of the pandemic, the new production line has helped us to keep things moving. As demand rises we’ve been able to take on much more staff and use our working capital towards stockpiling raw materials when needed."

• For further Lancashire business news, advice and analysis subscribe to Lancashire Business View or join the LBV Hub from just £2.50 per month. Click here to subscribe now.