A Wolverhampton importer, wholesaler and manufacturer of ingredients and snacks is set to increase sales across the UK and build brand awareness in Europe, following a seven-figure funding package from HSBC UK.
AIB Foods will use the funding as working capital to allow the business to make bulk orders of the ingredients needed for large customers implying that the business can take on more orders from its roster of national clients, including ASDA, Aldi, Lidl, Morrisons, Tesco and Waitrose, as well as orders from independent stores.
As a result, the business is anticipating an increase in turnover of £4 million per annum. Additionally, the funding will go towards developing new product lines, including an organic kids’ snack range. This range includes veggie straws and melty sticks.
AIB Foods will also use the funding to grow its exports to Europe by attending trade shows in the region with the aim of building international brand awareness and developing relationships with buyers.
Khalid Parvez, CEO at AIB Foods, said, “We’re pleased to be increasing production for our supermarket customers while growing our snack range, with more organic, healthy options for children. With HSBC UK’s support, we’re looking to boost our growth rate and build our presence outside of the UK, increasing our exports to Europe while maintaining our presence across our key customers in the UK.”
Andy Oates, Head of Corporate Banking West Midlands at HSBC UK, added, “AIB Foods has been a customer since its inception 14 years ago. Over this time, it has been able to grow its catalogue of products and build its profile as an organic snack supplier. We’re delighted to support the business as it grows its presence across the UK and internationally.”
Founded in 2009, AIB Foods primarily supplies ingredients, such as spices, lentils and rice for supermarkets and independent stores. Since 2015, it has diversified its offering to include nuts, dried fruits and low-fat allergen-free plant-based snacks.
AIB Foods Limited is a key processor and packer of lentils pulses, rice, flour, whole and ground spices, pickles and cooking ingredients under the INDUS brand and private label. Snack Factory is a division of AIB foods ltd which are leading manufacturer of premium gourmet snacks under the SHALIMAR label which include roasted nuts, natural nuts, dried fruit & nut mixes, coated flavored nuts, authentic world snacks such as Bombay Mix.