North East good manufacturer It’s All Good has secured an eight-figure refinancing package structured to support expansion and new product development.
The Gateshead firm makes premium tortilla chips, producing items for major UK retailers as well as its award-winning Manomosa own brand, which won the The Grocer’s best savoury snack prize in the 2016 New Product Awards.
The company, which was established in 2012 by Calum Ryder, Michael Weatherhead and Lynn Saul - employs more than 200 people from its 30,000 sq ft production facilities on Team Valley .
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It’s All Good has received investment from NVM Private Equity and from the North East Growth Plus Fund to enhance its manufacturing capabilities. The deal with Allied Irish supports a future growth strategy that will allow the company to focus on product innovation and develop new lines, as well as providing day-to-day banking facilities.
Michael Weatherhead, Director of It’s All Good Ltd, said: “Over the years we have invested heavily in high quality production lines which means our manufacturing facilities are at the forefront of technology.
“This latest funding agreement with Allied Irish Bank (GB) supports our business strategy and continued focus on increasing capacity and innovation as we develop new products to secure our position as a leading operator in the growing UK snack market. Matthew Fannon and Mark Billington have made the whole process simple and have understood the fast and dynamic nature of our business.”
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Matthew Fannon, relationship manager at Allied Irish Bank (GB), said: “It’s All Good Ltd are a very fast growth business and have an impressive management team with over 20 years’ experience in the snack industry.
“The refinance package structured provides day to day working capital and a growth capital line to accommodate future new product developments. This is a really strong business with a core reputation as a tortilla chip manufacturer and we are delighted to support the next phase of their expansion.”
Allied Irish Bank (GB) was advised by Gordons LLP represented by Jonathan Asquez and Georgina Tripp.
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