An East Midlands company specialising in Indian food has announced that it expects to create up to 50 new jobs as part of its ongoing expansion plans.
Simtom Foods, which was established in 1977, manufactures a range of Indian sauces, spices, marinades and pickles, and imports much of its ingredients from India before selling its products for the wholesale and consumer market.
The firm is to go through with plans for growth after securing a loan from Yorkshire Bank.
The move will see the firm also upgrade its production line with a £2.5 million investment, which will help to offer further support to the company's day to day trading.
Bhavin Chandarana, Director at Simtom Food Products, said: “This significant financial commitment will help us to extend our reach in a sector we have been established in for more than 35 years.
“By investing in a new production line we have replaced our ageing machinery with new equipment, which will allow us to realise greater returns and achieve sustained economic growth. “
Simtom's sustained period of growth over the course of the next five years as it looks to further expand its base of customers, which has already seen the manufacturer grow by 25 to 30 per cent each year.
The 50 new positions that are expected to be set up are to mainly cater for the extra level of anticipated demand and are likely to be created by the year 2015.
Chris Archer, head of food and drink at Yorkshire Bank said: “Simtom Food Products is a company with a clear business plan and is already proving to be a resilient brand which is performing well despite being faced with a challenging economy."
He added that the bank was pleased to be supporting the company, and that it looked forward to developing its relationship with the firm over the course of the next few years.
The ethnic ready meals sector has so far managed to fuel overall growth in the overall ethnic market by nine per cent, according to Mintel.