Refrigeration specialist Genfrost UK has announced it is ploughing almost £2m into new product development and plant.
This has been assisted with the help of a Growth Grant procured by business consultant Greenborough Management on behalf of the Greater Lincolnshire LEP, Barclays Bank and accountants Duncan & Toplis.
This latest investment follows MD and founder Lewis Bourne buying out the business last year. Shortly after this, the management team took the decision to move headquarters from Peterborough to Boston, Lincolnshire.
That move that took significant investment in acquiring a freehold premises which increased warehouse space from 40,000ft2 to 47,000ft2 and an increase in stacking height from 7metres to 11metres.
The new premises also allows for future development as it was purchased together with adjoining land. Genfrost has been keen to move the business forward at a faster rate after its split with its former sole shareholder.
Bourne commented: “We have been planning a large-scale expansion for the last 9 months and we have decided to continue those plans despite Covid-19. Prior to Covid-19, we saw an approximate 25% growth in 2019, and with the detachment of our former main shareholder we are more able to react and progress in the market to better meet the demands and requirements of our customers.”