North Yorkshire-based tofu producer, The Tofoo Co has secured a six-figure funding package from HSBC to boost expansion.
The manufacturer has already moved into an additional 6,000 sq ft facility in Malton and has purchased a state-of-the-art soy bean cooker from Japan.
The investment will enable the firm to increase its production capability by a further 50% to meet increasing consumer demand and support its ambitious growth plans.
The Tofoo Co expects to increase turnover by 100% to close to £5m in 2018 and create up to 13 new jobs in the next 12 months.
Founded by David Knibbs and Lydia Smith in 2016, the firm currently produces organic tofu made to a traditional Japanese recipe in three flavours, including smoked and oriental, which are stocked by retailers including Waitrose, Tesco and Sainsbury’s.
David Knibbs, managing director of The Tofoo Co, said, “Consumers are becoming more adventurous, as well as increasingly health conscious, and we have seen this translate into increasing demand for our products.
'To keep up with this demand we initially invested in sales and marketing, however it was the scaling-up of our production processes that was key to us continuing to grow. With the backing of HSBC we are now in the position to bring more great tasting tofu to a broader market.”
