Meat-free food manufacturer Quorn Foods has announced a £40m investment in expanding into new international markets.
The company will spend the money on research and development, before launching into at least one new country before the end of the year.
The investment follows year-on-year growth of 7% between 2013 and 2014, and the brand’s introduction into new countries such as Germany, Denmark and Finland. Quorn’s chief executive has revealed that the company is seeking to drive growth in global markets as part of a plan to more than quadruple revenues by 2025.
Kevin Brennan said: “Our £40m investment over the next 12 months is a real statement of intent, as we pursue our ambition to transform Quorn into a $1bn business, four to five times its current size.
“All of the 15 markets we directly export to are performing extremely well, with sales of Quorn likely to double in Germany, Finland and Denmark over the next 12 months, and plans to expand into at least one new international market in 2015 as we look to build on current momentum.”
Improving its performance outside of the UK will help Quorn’s owners to attract interest in the brand, amid widely reported speculation that it was considering selling. Exponent Private Equity has enlisted US-based advisor Houlihan Lokey to conduct a strategic review of its options.
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