A co-founder of investment platform AJ Bell and the owner of a two-starred Michelin restaurant has invested £1.2m in a healthy meal delivery provider founded by a former rugby league player and his wife.
Andy Bell, who is stepping down as the Salford-based company's CEO on October 1, has joined with Fergus Lyons, a former director at AJ Bell, to back Warrington-based Fuel Hub. Mr Bell also owns restaurant Moor Hall.
The business was founded in 2019 by husband-and-wife team, James and Michelle Laithwaite.
READ MORE: Click here to sign up to the BusinessLive North West newsletter
Mr Laithwaite is a retired professional rugby league player and used to play for the likes of Warrington Wolves and Leigh Centurions. Mrs Laithwaite is a former global wholesale fashion manager.
The company prepares, cooks and delivers chef-prepared, nutrition-focused meals to sports organisations and elite athletes across the UK. Its clients include the EFL Championship, Team GB, England Rugby, Fulham FC, Blackpool FC, Derby County, Warrington Wolves and Catalan Dragons.
Fuel Hub plans to use the investment to focus on its business on B2B sports nutrition which will be supported by its direct to consumer business.
Mr and Mrs Laithwaite will retain a 50% ownership of and will remain as COO and CEO respectively..
The funds will be used to scale operations, starting with a move into a new 10,000 square ft facility, which will increase capacity to over 20,000 meals per week.
Fuel Hub also plans to double its staff headcount to 30 over the next 12 months and generate a similar increase in partnerships with sports organisations.
Mrs Laithwaite said: "This investment is a turning point for our business as it provides us with the means to scale our operational capabilities and the capacity to partner with even more sports organisations and bodies across the UK.
"It’s exciting to be able to tap into the expertise of Andy and Fergus, and we’re looking forward to building on the impressive growth we have achieved since we started.
"We are uniquely positioned to take advantage of the untapped and lucrative market for nutritionally balanced meals for elite sports people."
Mr Bell added: "Great businesses need great products and great people. Fuel Hub has both.
"Michelle and James’ enthusiasm for what is clearly a thriving business in an untapped market made this one of my easier investment decisions."
Fuel Hub is expected to turn over £2m in 2022, up from just over £600,000 in 2021.
Mr Laithwaite said: "Whether it’s on training days, pre-and-post match or at home, I personally know the barriers teams and athletes face when getting their hands on quality nutrition.
"I know the impact the right food has on your physical and mental wellbeing, and this is paramount to perform at your best – be that in sport, business or day-to-day life.
"The investment will enable us to provide even more teams and athletes with the crucial nutrition they need to perform at the highest level."
READ NEXT:
Travel group owned by Saudi Arabia giant shed hundreds of jobs as it battled pandemic
Law firm Simpson Millar puts 100 jobs at risk with department closure plans
JD Sports loses millions as it completes Footasylum sale to German group
Shares slump nearly 20% at fashion brand promoted by Stacey Solomon and Gemma Atkinson
