Accountants help fire-hit firm rise from the ashes

Feb 17 2010 by Peter McCusker, The Journal

ACCOUNTANCY firm RMT stepped in to assist a fire-hit frozen food maker secure a multi-million-pound grant to get the business back on its feet.

Production restarted at Findus Foods in Longbenton, Newcastle, last month just over a year since the premises were gutted in a fire.

Accountants and business advisers RMT were on hand to advise the management team within hours of the £20m blaze.

Now the factory has reopened as Longbenton Foods and it says it will create 66 new jobs in the next three years, taking total staff numbers to 250.

Maxine Pott, partner at RMT of Newcastle, said: “RMT is committed to offering its clients excellence in service and we have been working with the team at Longbenton Foods on an ongoing basis, providing advice on a range of issues including tax planning, cash flow and refinancing.

“As part of our ongoing support, we were delighted to work alongside the firm’s senior management team to secure this invaluable funding for its expansion.

“This has included providing advice on developing a new business strategy and support with the grant application, as well as business planning and cash flow forecasts.

“Getting production restarted to initiate growth at the site has been the result of a coordinated approach and it has been fantastic to see all of the partners work together to make this happen in what are challenging economic times. It is great to see this long established, regional business begin such an exciting expansion – helping it to create much-needed jobs and ultimately make an invaluable contribution to the regional economy.

“I’d like to wish Longbenton Foods every success in the future.”

Vidar Engen, managing director of Longbenton Foods, added: “Without working with organisations such as RMT, securing funding would not have been possible and we are immensely grateful for the support and enthusiasm they have shown.

“We are now focusing on the future and look forward to creating more jobs for local people over the course of the next few months.”

RMT secured a grant from One North East as well as additional bank funding for working capital purposes.

The funds helped with the reinstalling and repairing of damaged machinery at the site. Mr Engen said: “This is a real milestone for Longbenton Foods.

“We have come such as long way in such a short space of time, something that is testament to the hard work of the team and our partners that have been instrumental in helping us get back into production.

“We are now focusing on the future and look forward to creating more jobs for local people.”

The cost of the blaze was estimated at around £20m.