THE owner of Malton bacon factory has increased its "financial fire power" after securing a £74 million funding package to further enhance its expansion.

British pork producer Karro Food Group, which supplies pork in the retail, trade and foodservice industries from its headquarters in Malton, won the funding from GE Capital and RBS Invoice Finance.

Bosses say the cash will be used to build on Karro's recently announced £10 million capital investment programme to support its UK and international expansion strategy.

Di Walker, executive chairman of Karro Food Group, which over the last two yeas has seen profitability increase by more than £20 million, said: "The funding package from GE Capital and RBS Invoice Finance will increase our financial fire power and inject further momentum into our expansion and acquisition plans both in the UK and internationally.

"Over the last few years Karro has transformed from an internally operationally focussed business to one that is now focussed on future growth.

"This will be further evidenced by our latest accounts, to be announced over the coming weeks, which are set to show a significant underlying improvement in the profitability of the business."

Turning over £533 million, Karro employs around 3,000 people across the UK and has nine divisions in England, Scotland, Northern Ireland and Ireland.

Earlier this year the firm announced a £10 million capital spending programme for its British operations, including £2.5 million for the factory near Malton.

A new Innovation Centre will be launched at the Norton site, with a new product development and research and development facility creating two new jobs.

And in the coming 12 months, £1.5 million will be spent to upgrade to the gammon processing line to expand the company’s fresh pork and gammon production and slicing capability; while a new ”kill line” will cost £1 million.

Speaking about the new finding deal Craig Johnson, portfolio director at GE Capital, said: "We’ve been delighted with Karro Food Group’s progress since agreeing our original partnership with the company in 2013 and are really excited to be extending this relationship as we continue to support its management team during the next chapter of Karro’s growth journey."

Andy Pickford, corporate business development director at RBS Invoice Finance, added: "Karro Food Group is a leading player in the UK food market and this deal will help it deliver on its organic and M&A growth strategy.

"We are delighted to be partnering with such a progressive business and look forward to see the momentum continue."