CRL Foods eyes growth after £1 million backing

A drinks firm is raising a glass to growth plans after securing £1 million backing.

CRL Foods has been supported by NPIF II – Maven Equity Finance.

Bosses say the cash will allow the Newcastle-based cold brew coffee, tea and protein drink making and canning firm to “rapidly” scale production to deliver “significantly higher volumes” following a number of contract wins.

The backing comes after Maven invested in CRL Foods in 2021 and 2022 via the North East Development Capital Fund, which allowed the business to create jobs, buy equipment and add production lines to its factory floor.

Gareth Phillips, CRL Foods managing director, said: “We are on a mission to improve the quality and sustainability of thermally processed food and beverage products in the UK and worldwide, by providing innovative and value-added contract manufacturing solutions.  

“We are delighted to have Maven’s continued support with this latest round of growth capital funding to accelerate our progress towards these goals.”

David Nixon, Maven senior investment manager, added: “CRL is a growing business that has used its unique manufacturing processes to develop a strong order book from high-quality customers since we first supported it back in 2021.

“The company is well positioned to support increasing consumer demand for healthy and sustainable food and drink, and they have achieved impressive year-on-year growth to date.

“The team has many years’ experience within the food and beverage industries, and we’re delighted to support them at such a pivotal point.”

The £660 million Northern Powerhouse Investment Fund II covers the North of England and provides loans from £25,000 to £2 million, and equity investment up to £5 million, to small and medium-sized businesses.

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