Fairoak Foods – Funding for Growth
Fairoak Foods, based in Woking, Surrey, is a private-label manufacturer specialising in premium, small-batch chilled foods such as soups, sauces, and stews. Founded in 2011 by Steve Elkins, an experienced professional in the chilled food industry, the company bridges the gap between the culinary excellence of top chefs and the scalability of food manufacturing. Needing business financing in order to achieve their own scale up plans, Fairoak’s were referred to Let’s Do Business Finance to support with applying for the then named Recovery Loan Scheme.
Founder Steve Elkins grew up with dreams of being a farmer, with a focus on the provenance and quality of food. During his education this evolved into a career in food technology, with him working for several prestigious firms supporting innovation and growth within the business. It was during this time that the challenge of bringing Michelin star quality into the mass-produced market became apparent, and this was a challenge Steve was convinced he could one day solve, and several years later, Fairoak Foods was born.
With a team of 50 employees and a purpose-built, BRC AA-accredited facility, Fairoak Foods has positioned itself as a key partner for discerning retail and food service clients, including high-end establishments such as the Gordon Ramsay Group and The Ivy Group, as well as prominent brands like British Airways and Whole Foods. They also produce for market leading white label clients into high street retail
Fairoak Foods is driven by a mission to deliver consistent, high-quality products tailored to its clients' needs, focusing on chef-led innovation and rigorous quality standards. The company emphasises an excellence-driven, collaborative philosophy, which has earned it a reputation for unparalleled quality and service in the food manufacturing sector. Reputation to Fairoak Foods is everything and is the basis of its future growth ambitions. Fairoaks doesn’t actively promote itself in the market, it thrives through word of mouth and client recommendations. It wants to retain a level of exclusivity which only enhances its offer to its clients.
The Challenge
Despite its success, Fairoak’s faced challenges in managing cash flow as it navigated growth and dealt with the lingering effects of the COVID-19 pandemic. The hospitality industry as a whole was hit particularly hard during the pandemic, and recovery required both resilience and financial support. To sustain its growth, invest in automation, and eventually unlock new markets, Fairoak Foods needed access to longer-term financing.
As a privately owned business, Steve Elkins was committed to maintaining control over the company’s direction, which meant relying on internal cash generation rather than external equity investment. This approach, while aligning with the company’s values, heightened the importance of securing adequate working capital to fund its ambitions.
Partnering with Let’s Do Business Finance
Seeking a solution, Fairoak Foods turned to financial broker Choice Business Loans, who referred them to Let’s Do Business Finance (LDBF). Choice Business Loans and LDBF have collaborated and worked together for the last 4+ years, brought together by their shared ethics and values, of putting the client first. LDBF facilitated a £100,000 loan for Fairoaks through the UK Government’s Recovery Loan Scheme (RLS). The RLS provided a vital element of backing, offering mutual security for both Fairoak’s and the lender.
The Recovery Loan Scheme (RLS) was introduced by the UK Government in April 2021 as part of its response to the economic challenges posed by the COVID-19 pandemic. The scheme aimed to provide financial support to businesses of all sizes that were struggling due to the pandemic, helping them manage cash flow, recover, and invest in growth. It allowed businesses to access loans, overdrafts, invoice finance, and asset finance of up to £10 million, with the government providing a guarantee to lenders of up to 70-80% of the loan value to encourage lending.
The RLS proved to be a lifeline for many businesses during the critical recovery period. However, in August 2023 as the UK economy moved into a post-pandemic phase, the government rebranded and restructured the scheme to become the Growth Guarantee Scheme (GGS). While it retains the fundamental purpose of supporting businesses through financial assistance, the new scheme focuses on driving growth and innovation rather than pandemic recovery.
For Fairoak Foods this funding was instrumental in addressing immediate cash flow needs, enabling the company to stabilise its operations and support its recovery from the challenges of the pandemic. Additionally, the loan set the stage for future growth initiatives, including mechanisation and the potential expansion into new food categories.
At Choice Business Loans we deal with a huge variety of customers. Some have more complex situations and requirements than others. With complexity we need to be able to deal with lenders that have a 100% human approach. Someone we can talk to, in depth, to ensure that the clients bespoke situation is fully understood. This is exactly why we work with Let’s Do Business Finance. They approach lending in a very hands on way. They get to understand the past, present and the future of the business. They get to know the owners of the business and have a great empathy with them. Most importantly, they want to help and find a way to support local businesses so they can thrive.
It is always a pleasure dealing with team at LDBF, and we know our customers will be in safe hands.
Sharon Cook, Choice Business Loans
The Role of Let’s Do Business Finance
Steve Elkins praised Let’s Do Business Finance for their personalised and collaborative approach. Unlike lenders that rely heavily on algorithmic decision-making, LDBF engaged in a thoughtful, two-way process that considered the unique aspects of Fairoak Foods’ business model. Lisa, the representative from LDBF, played a key role in tailoring the loan application process to reflect the company’s values and aspirations.
“Let’s Do Business are one of the better financial companies I have ever dealt with. Lisa managed to add personal value to the loan application process. It wasn’t just a computer saying no—it was a genuine dialogue that made me think differently about our challenges and opportunities.”
Fairoak Foods’ journey illustrates the importance of tailored financial support for small and medium-sized enterprises (SMEs) in overcoming challenges and unlocking growth opportunities. With the help of Let’s Do Business Finance and the Recovery Loan Scheme, the company has strengthened its foundation, paving the way for a promising future.
By staying true to its mission of culinary excellence and leveraging strategic partnerships, Fairoak Foods continues to set itself apart as a leader in the premium food manufacturing industry.
Find Out More about Fairoak Foods by visiting their website on www.fairoakfoods.com