8th March 2007
CAT.54a
SAFETOEAT DIGESTS £250K INVESTMENT FROM CATAPULT
Derbyshire-based Safetoeat Limited - the UK’s only pan allergenic food manufacturer - has received a cash injection of £250,000 from East Midlands Regional Venture Capital Fund to take the business to the next stage of development.
Eight foods account for most peoples’ allergies: milk, eggs, fish, peanuts, tree nuts, soya, shellfish and wheat. Safetoeat products eliminate these ingredients completely, and in addition the products are additive free.
Safetoeat was launched in March 2006 by managing director Martin Hopkins and the company quickly made an impact within the marketplace, gaining listings in both Tesco and Sainsburys in July and November respectively. Now, given the size of the potential market, other supermarkets are expected to follow suit. In 2005 the market was worth £90m and is forecast to be £195m by 2010.
Catapult, which manages the East Midlands Regional Venture Capital Fund (EMRVC) also introduced non-executive chairman Peter McPhillips and non-executive director Martyn Fray to the business.
Martin Hopkins commented: We are delighted to be working together with Catapult to continue the development of our business. Safetoeat has a unique position in the market selling Pan Allergy free foods and it is one that we want to continue to develop into new areas.
Graham Mold, director of Catapult Venture Managers, believes the potential for the company is considerable. “We have all seen the supermarkets allocating more space to healthier food products because that is what consumers are demanding. Safetoeat has an excellent management team led by Martin Hopkins, who has a strong track record in starting and running large businesses. Add to this Peter McPhillips long experience and knowledge of the food industry and the company is well placed to take full advantage of the opportunities that exist.”
It is estimated that 1.2m households have a serious allergy within the family and over 10m households are believed to have an intolerance to milk or gluten or other allergens. So it’s hardly surprising that supermarkets are beginning to allocate more shelf space to these products.
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For further information contact Graham Mold at Catapult Venture Managers on 0870 116 1600 or 07768 148187 or Paul Shrimpton at PSPR Ltd on 0121 354 7311 or 07979 505322.
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