Darlington-based JLM Global Foods has secured funding from asset-based lending solutions firm Leumi ABL to support a planned expansion in the business.
JLM Global Foods Ltd is a snacks company based in Darlington that manufactures “Better for You” Private Label snacks for major brands and retail own label on a worldwide basis.
After the company’s directors injected £1 million, JLM obtained a multi-asset based lending facility from Leumi. This facility consists of invoice finance, plant and machinery finance, inventory finance, and a Term Loan, with a total limit of £4.37 million.
This funding allows exporter JLM Global Foods to increase its manufacturing capacity, research and development capabilities, and serve more customers worldwide. JLM states that it will also provide “huge flexibility” in the range of bespoke products it can create.
Satisfying demand
Daniel Moore, commercial director at JLM Global Foods, said, “Our team is focused on quality, innovation, speed to market, servicing our customers’ needs, and meeting the growing demand for healthier snacks.
“It’s important that we continue to develop and innovate our product range, and the support of Leumi ABL will take the business to the next level, and beyond.”
Mark Thompson, director of JLM Global Foods, stated, “The company is already a significant exporter and has ambitious plans to expand further in global markets, including the UK, Europe, and America.
“Leumi ABL has shown confidence in the business, and with an additional planned investment of over £2 million in state-of-the-art machinery in the coming months, the directors will ensure that the total investment package of £7.5 million will continue to create jobs in Darlington and contribute to the renaissance of the town.”