Sharecast News
16 Sep, 2020 10:54

UK invests in Frontier IP's Nandi Proteins business

1566893932 baguette bakery bread 2436

The UK government has invested £360,000 in Frontier IP's portfolio company Nandi Proteins to support its efforts to replace chemical additives and fat in processed foods.

Frontiier said it would contribute £320,000 with £40,000 from Shackleton Finance to match the investment by the government's Future Fund. The funding is via a convertible loan.

Nandi will use the money to meet milestones for a number of projects with industry partners, Frontier said. The projects include developing gluten replacements for use in bread with Associated British Foods and Origin Enterprises' Agrii.

The Future Fund was set up to support innovative businesses during the Covid-19 crisis. Nandi said it was working on many of the food industry's major concerns, including the dangers of obesity, which makes people more susceptible to Covid-19.

Frontier's chief executive Neil Crabb said: "The investment from the Future Fund is an invaluable contribution to supporting Nandi Proteins through the next phase of its development. There is strong interest across the food industry to reduce the levels of additives, fats and meat on both health and environmental grounds."

Frontier shares rose 3.5% to 66.25p at 09:11 BST. The company owns 20.1% of Nandi, a spinout from Heriot-Watt university, and Shackleton is an existing shareholder.

News Source: © 2020 Web Financial Group (UK) Limited. All rights reserved. Terms of use and legal notice

Important Legal Notice about News Sources: Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author. We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

 

Important Legal Notice about News Sources

 

Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.