Molony Ventures Into Food Expansion
Published: 20th September 2007
(Left to right) Steve Bell from SYIF, Tony Moloney chief executive of Moloney Ventures, Matt Carr and Paul Vandrill from Moloney Ventures and John McCormack of Enterprise Food.
Barnsley-based Moloney Ventures has completed the acquisition of Enterprise Foods Ltd.
The deal was secured with the help of a £1million loan and equity deal from South Yorkshire Investment Fund and additional financial support from GE Commercial Finance.
Tony Moloney, Chief Executive of Anthony Alan Foods Ltd, a Barnsley company with 15 years experience in the food industry, takes on the position of Chief Executive.
Enterprise Foods was established by David Beattie in 1994 and grew to a turnover of more than £44 million prior to the disposal of its food manufacturing businesses.
The company currently has a turnover of £25 million generated from the management of its, in-house developed, eCommerce supply chain management solution.
Moloney Ventures, which was set up to complete the acquisition of Enterprise Foods, will have a head-office at the Barnsley Business Innovation Centre (BBIC).
Tony Moloney said: "We are unique in the food sector because the company deals with so many suppliers and outlets on a daily basis, processing over 14,000 invoices weekly."
"If a customer has two sites one in Cornwall and another in Scotland, we can utilise our contacts to manage the delivery of products to those shops from a local supplier. This will not only boost business in those areas but also reduce the carbon foot print associated with delivery."
Enterprise Foods has positioned itself to be instrumental in the overall supply chain to its customers and is now looking at the possibility of extending the service into non-food sectors.
Tony added: "We have established a key eCommerce trading platform which we can take on to develop further growth opportunities. We can supply to any company which has a number of outlets across the country."
Tony was named National Business Awards Entrepreneur of the Year 2004, before his company Anthony Alan Foods Ltd won both the ‘Microsoft Award for Outstanding Business Achievement’ and ‘The Barclays Business of the Year Award’ at the 2005 National British Chamber of Commerce awards.
Anthony Alan Foods, also based at BBIC, is the UK's leading supplier of low fat cakes sold under the Weight Watchers brand.
Steve Bell, Investment Manager at South Yorkshire Investment Fund, added: "Tony and the management team have a vast amount of experience in the food industry and they will be instrumental in continuing the success of Enterprise Foods."
"Whilst Enterprise Foods has seen impressive growth over the last four years the management team has identified a number of opportunities to extend the service into non-food sectors whilst, at the same time, extending the number of food sector customers."
Debt funding was provided by GE Commercial Finance and financial due diligence by Chadwick LLP.
South Yorkshire Investment Fund can provide seedcorn, loan and equity linked investments, ranging from £15k to £2.5m, specifically to help small and medium businesses meet the gaps in funding they need for growth and development.
For more information on how South Yorkshire Investment Fund can help your business please call 01709 386 377.
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About South Yorkshire Investment Fund
South Yorkshire Investment Fund provided seedcorn, loan and equity linked investments, ranging from £15k to £2.5m, specifically to help small and medium businesses meet the gaps in funding they need for growth and development.
Created as part of the Objective 1 programme, the Fund is a private and public sector business finance provider. The European Regional Development Fund and Yorkshire Forward are investors in the Fund.
South Yorkshire Investment Fund also provided access to Business Angel investments from the Yorkshire Association of Business Angels and Microloans through BiG Business Loan Fund and Donbac Microloan Fund.
Finance Yorkshire has now taken on responsibility for providing gap finance in Yorkshire and the Humber.
For further details please contact Suzanne Tinkler, on 0845 649 0000.
South Yorkshire Investment Fund Ltd is a company limited by guarantee (Registered No 3936065). South Yorkshire Investment Fund comprises three sub funds, the South Yorkshire Investment Capital Fund, the South Yorkshire Investment Development Fund, which are each managed by YFM Venture Finance Limited, and the South Yorkshire Investment Small Business Fund, which is managed by Finance South Yorkshire Ltd. YFM Venture Finance Limited (Tel 0113 294 5000) and Finance South Yorkshire Ltd (Tel 01709 386 377) are each authorised and regulated by the Financial Services Authority. South Yorkshire Investment Fund also provides a number of services, which are not regulated by The Financial Services Authority. These include the pilot Seedcorn Fund, BiG Business Loan Fund, Mentorbank and access to the Donbac Microloan Fund. BiG Business Loan Fund is managed by Donbac Ltd (company registration No. 01925556) and Key Fund Yorkshire Ltd (Tel 0114 242 8900).