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Vote to leave EU 'won't alter Quorn's £23m expansion plans'

Published 22/08/2016

Meat-free producer Quorn said Brexit has helped boost exports
Meat-free producer Quorn said Brexit has helped boost exports

Food giant Quorn said its investment plans remained on track following the Brexit vote, as the plunge in the value of pound gave a boost to export sales.

The meat-free firm said it was pressing ahead with a £23 million expansion across the UK and abroad after pushing into Spain, France and Italy.

But it urged the Government to take swift action to clarify Britain's trading relationship with the European Union so manufacturers could continue to "invest with confidence".

Quorn said export sales had accelerated by 15% under new owner Monde Nissin, as it eyes a 10% lift in total sales by the end of the year.

It said UK sales grew 8.5% in the full year to the end of July.

Chief executive Kevin Brennan said the overseas expansion meant the firm was well on its way to becoming a global business worth one billion US dollars (£761 million) within the next 10 years.

Speaking about the EU referendum outcome, he added: "The result of the Brexit vote has offered up both opportunities and challenges for Quorn. The weaker pound has actually benefited our exports and so we will continue to invest.

"Along with other manufacturers, however, we want to see an end to the current uncertainty on how we will trade so we can continue to invest with confidence."

Quorn said US sales grew by a fifth in the first half of 2016, as it expanded distribution and saw an increased demand for its vegan products.

Sales in Germany also stepped up 60% on the year to date, while half-year sales in the Nordic countries rose by 20%.

Buyout firms Exponent Private Equity and Intermediate Capital Group sold the business in October last year to Philippines-based Monde Nissin, which makes noodles and biscuits.

Monde Nissin reportedly beat rivals such as French yoghurt maker Danone and Ireland's Kerry Group to buy the meat-free firm.

Exponent Private Equity and Intermediate Capital Group bought Quorn from Bisto maker Premier Foods for £205 million in 2011.

Quorn employs 550 people across the UK and is based in Stokesley, North Yorkshire.

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