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Foresight Group LLP (“Foresight”) announces a £500,000 equity investment into Oomf Limited (“Oomf” or the “Company”) through the Midlands Engine Investment Fund (“MEIF”).

Originally based in Dorset, Oomf recently opened a new manufacturing site in Northampton, hiring several staff from the area. A premium high protein porridge brand, Oomf has two core product ranges, Protein Oats and Skinny Oats, which are currently sold through several major retail outlets including Sainsbury’s and Tesco.

The firm was founded by two brothers, Andrew and Robert Sweeney, who have complementary backgrounds in finance and in sport science and nutrition respectively.  The Protein Oats range which comes in a variety of flavours, is fortified with 20g of protein per pot with a reduced saturated sugar content than its closest competitor. Skinny Oats has two flavours in its lower calorie variety.

The investment will be used to purchase additional equipment demanded by the relocation to Northampton, to scale the business pending the outcome of advanced talks with other major supermarket chains and to expand the sales and marketing function based in the region.

Commenting on the investment, Oomf co-founder, Andrew Sweeney, said: “These are exciting times and we are delighted to have Foresight’s backing through the MEIF.  With its investment, we can upscale the business in our new East Midlands manufacturing base which is an ideal location for further expansion of the business into new retailers based across the UK.”

Jordan Lavender, Investment Analyst at Foresight Group, commented: “We are delighted to be working with Oomf and in doing so bringing a vibrant, early stage company to the East Midlands. As a result of the investment, the company has been able to create more jobs for the area whilst taking advantage of a central base in the region to facilitate more cost-effective distribution.  In addition, we are pleased to be supporting a company that is passionately promoting a more healthy lifestyle.”

Lewis Stringer, Senior Manager of British Business Bank’s South-East Midlands Network, added: “One of the British Business Bank’s key objectives is to reduce regional imbalances in access to finance for smaller businesses in the UK, which is part of what the Midlands Engine Investment Fund has been set up to achieve.

“It is good to see that MEIF investment is supporting Oomf, in the next stage of its growth journey.”

Vicky Hlomuka, SEMLEP’s Growth Hub Manager, said: “It is important that innovative businesses, like Oomf, are able to access suitable finance to help them scale up and open new manufacturing facilities in the area. That is a key driver for SEMLEP and MEIF and it is great to see it having a positive impact in the area.”

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.