The Business
Phoenix develops and manufactures a wide range of dry food products to branded retailers and supermarkets. The company has its own Product Development team and supplies instant desserts, custards, gravies, cornflours, hot chocolate drinks and teas amongst a wide range of SKUs. The business also benefits from having numerous different packaging lines available to allow it to meet demanding customer requirements.
Value Creation
Endless has backed a management team, led by Chairman David Manning, targeting substantial growth in both the product portfolio and customer base of Phoenix Foods. Despite the recession of 2008/09, Phoenix Foods has added an array of new customers and lines to its portfolio and is continuing to grow at a strong compound rate. The growth has been demonstrated across branded and own label products, highlighting the flexibility of the business.
New investment into the factory facilities provides the business with an enviable offering, which is converting the pipeline of sales into a run-rate that the business has not experienced before and is a record for the operations.
The Endless Difference
In a difficult funding environment, Endless was prepared to use its own balance sheet to support the growth of Phoenix Foods and also identified and controlled a refinancing, bringing in a bank that has provided great support during 2009. Endless has also been critical in making introductions to prospective new customers, through its own network and portfolio. The Endless Connections network of managers has also been vital in securing key appointments at the business.
Testimonials
“At the end of 2008 our largest customer fell into administration which could have resulted in a large bad debt for the business. By keeping close to the situation Endless was able to help to manage our exposure down which meant we did not suffer a loss and we were best positioned to meet the requirements of the customer as it emerged from administration in 2009.”
Colin Wilding, Director at Phoenix Foods
“Endless are very close to their investments, this is reality not just something they say. This gives them the ability to react quickly and provide support and challenge to management. I would not want it any other way – you find out about your partners when things are tough and the Endless team are always ready to roll their sleeves up.”
David Manning, Chairman of Phoenix Foods