The bulk of the cash is due to be spent on a 63,000 sq ft warehouse and distribution centre in Biggleswade, Bedfordshire, which is expected to come on-stream in late 2005.
But there will also be investment in new plant and machinery, said the cereal producer’s chairman Bill Jordan.
“As a result of this additional
funding, we will be able to ensure that the company continues its growth and remains one of the most innovative companies in the sector,” he added.
The funding was provided by HSBC structured finance and Jordans was advised by Clearwater Corporate Finance and Tenon Corporate Finance.