Darlaston-based food importer and manufacturer, Alamgeer Foods, has secured a host of new contracts in the wake of a £100,000 investment deal.
By securing the international trade finance loan from Lloyds Bank Commercial Banking, together with an invoice discounting facility from Lloyds Bank Commercial Finance, the firm is set to increase the amount of spices and ingredients it imports from countries including Pakistan, India and China.
The investment is also set to enable the Station Street-based firm to begin importing products from elsewhere in Asia, including Thailand and Malaysia, helping it to continue the expansion of its product offering, and add to its 25-strong workforce.
A family owned company, Alamgeer Foods dates back to 1979, when its founder Mohammed Hafeez, opened a corner shop in Small Heath, Birmingham.
Since then, it has grown into a major importer and distributor of authentic Asian foods, as well as a manufacturer of ‘Bassar’, a curry massala product indigenous to Northern Pakistan and Kashmir.
Mohammed Zeb, director of Alamgeer Foods, said: “By securing this Lloyds Bank financial package, we have been able to significantly increase our food importing business, which will help us as we strive to meet increased demand for our products ahead of festivals including Ramadan.
“This investment will also help us to begin importing spices and ingredients from other parts of Asia, which will enable us to realise our growth ambitions, and increase the amount of products we offer.”
Mandi Roberts, relationship manager at Lloyds Bank Commercial Banking, said: “Enabling international trade is a vital part of encouraging the economic recovery, so we’re pleased to support Alamgeer Foods as it looks to increase its level of imports, which in turn will allow it to expand its manufacturing and distribution business.
“A trade finance facility assists firms in bridging the gap between shipment and final payment, and is the ideal way to fuel growth and compete in the global market.”
Lee Mason from Lloyds Bank Commercial Finance, added: “Our invoice finance facilities can help businesses to expand by releasing up to 90 per cent of the value of an invoice within 24 hours, rather than waiting 30, or even up to 90 days for payment.
“It’s a service that helps businesses free up their cashflow to achieve their growth ambitions, and we’re pleased to be working with Alamgeer Foods to help them do just that.”