Food & Drink investment to rise

A survey by Lloyds Bank Commercial Banking of 100 English food and beverage companies found 98% of them expected to grow in the next five years, with most seeing investment in infrastructure as playing a key role in this growth.

Across all sizes of businesses, 63% said investment in infrastructure was a priority. For bigger companies – those with an annual turnover over £100 million – with 76% saying that investing more heavily in infrastructure was integral to their growth plans for the next five years.

The report paints a positive picture for the long-term

Lloyds Banking Group’s David Richardson

These plans are being made against a backdrop of a more conservative approach to investment and spending in recent years, according to the Lloyds report Global Ambitions, which is based on the survey. This conservative approach has allowed many companies to build up their cash reserves and give them the financial security they need to grow in the future, the report says.

“England’s food and drink industry weathered the recession well and has the same optimism and tenacity that has underpinned its success so far,” said Lloyds Banking Group head of manufacturing for Mid Markets David Richardson.

“The report paints a positive picture for the long-term – this is an innovative and ambitious industry set to create a huge number of employment opportunities.”

Lloyds’ report claims that food and drink firms will create 66,942 new jobs in England over the next five years.

To read the Global Ambitions report in full, click on the pdf link above.