02 July 2020
Commercial refrigeration specialist Genfrost has announced plans to invest close to £2million in new product development and plant, with 27 new jobs planned over the next two years.
Founder and Managing Director Lewis Bourne bought out the business just over a year ago and the management team decided to move its base from Peterborough to Boston, Lincolnshire. The investment saw Genfrost acquire freehold premises which increased warehouse space from 40,000sqft to 47,000sqft and stacking height from 7m to 11m.
The new premises allow for future development as adjoining land was also purchased.
Bourne said: “We have been planning a large-scale expansion for the last 9 months and we have decided to continue those plans despite COVID 19. Prior to COVID 19 we saw an approximate 25% growth in 2019, and with the detachment of our former main shareholder we are more able to react and progress in the market to better meet the demands and requirements of our customers.
“We have announced a near-£2m investment in new product development and plant, to assist in the future build and assembly of some very exciting new products here in Boston. This has been assisted with the help of a Growth Grant procured by Greenborough Management on behalf of the Greater Lincolnshire LEP, Barclays Bank, and accountants Duncan and Toplis.’’