Investment Raised For Celtic Cold Storage

Investment Raised For Celtic Cold Storage

A newly-launched cold storage business backed by a £250,000 investment package is aiming to create jobs in the Valleys as the area fights back against the effects of Covid 19.

Celtic Cold Storage Ltd, who's clients include Morrisons, [M&S and Castle Dairies, is a new venture in Merthyr Tydfil and offers a complete packing, cold-storage and transport service to leading supermarkets, as well as to smaller food suppliers.

The business has been launched by management team Andy Phillips, Jayne Bowen-Davies and Marion Jellings, who have a combined 60 years experience in the industry. They will be supported by a team of ten people who are presently employed at the newly-created facility, with the intention to double that number in the coming years.

Speaking on the investment, Director Jayne Bowen-Davies said:

"The Valleys, like many other areas, is suffering badly because of the effects of Covid. We will be very pleased if we can put jobs back into the Valleys and do what we can to help the local economy bounce back from this terrible situation."

The £250,000 investment package was brokered by Verde Corporate Finance, which is part of the GS Verde Group and consists of loans from Tata Steel (a subsidiary of UKSE), the Development Bank of Wales, and Propel. Aldermore Bank also provided asset finance.

Mike Fenwick, Associate Director at Verde Corporate Finance, assisted the company with the finance raise, as well as preparing the business plan and financial forecasts required to do so. Mike said:

"It was a pleasure to support the management team through this process, particularly during what is a challenging time for raising finance for start-ups. They are a fantastic team and have built a first- class facility in Merthyr, which will service the needs of customers in the food sector. We wish the new business every success for the future".

Photo caption: left to right Mark Mountford (Propel), Jayne Bowen-Davies (Celtic Cold Storage), Mike Fenwick (Verde Corporate Finance, part of GS Verde Group), Andy Phillips and Marion Jellings (Celtic Cold Storage) and Martin Palmer (UKSE)