TSC in £2 million expansion plan

TSC Foods (“TSC”), the Yorkshire-based food manufacturer, is to embark on a major expansion plan to increase the production capacity at its facility in Scunthorpe.

TSC is a major producer of fresh soups and sauces for supermarkets and restaurants. The company is investing £2 million in new soup production plant to cook, fill and package its products in order to meet increased demand from its retail customers, which include three of the UK’s top four supermarket chains.

The investment has been funded out of the firm’s cashflow and by refinancing an existing £700,000 facility with Yorkshire Bank.

In July 2009, TSC was acquired by its management team in a £24 million buyout, backed by the Leeds office of independent UK private equity house, Key Capital Partners (“KCP”). Since then, sales have increased dramatically and are expected to approach £40 million for 2010 after hitting £35 million in 2009. TSC currently employs 300 people from its base in Scunthorpe.

As part of its growth plans, TSC expects to create more than 50 jobs over the next three months, cementing its position as one of Scunthorpe’s largest private sector employers. The company is also investing heavily in order to promote its fast-growing Glorious! range of fresh soups and sauces.

Jonathan Skofic, managing director of TSC, said: ”The period following the buyout has been very exciting, with sales growth being achieved among both our supermarket and restaurant and pub customers. KCP has proved to be a very supportive investor, working in close partnership with us to deliver our ambitious plans for the business.”