The world leader in meat alternatives, Quorn Foods has secured a new £123m debt facility to support the expansion of its Teesside-based meat-free products manufacturing business.
James Harvey, Chief Operating Officer, said, 'The meat substitutes category is experiencing significant growth around the world driven by increased numbers of consumers deciding to reduce their meat consumption for a combination of health, environmental, and animal welfare reasons.'
Harvey said that as a result, Quorn Foods has experienced significant growth in the past three years. He added, 'With continued growth plans, we decided the timing was right to source a new debt facility to support our business in its next phase of expansion.'
The company saw its sales soar by 16% between 2017-18 to £205m, and its investment in expanding its production capacity is just part of its plans to become a billion pound brand.
Quorn ferments its own protein, a protein which was identified and developed over three decades ago.