Needham Market: MorVend expands with the help of backing from NatWest under the Funding for Lending Scheme
PUBLISHED: 06:00 24 April 2014 | UPDATED: 16:26 24 April 2014
Paul Nixon Photography 01473430707 07904296577 datalock WARNING
East Anglian vending machines company MorVend is aiming to break through the £4million turnover barrier following the acquisition of another regional operator.
MorVend, which is based at Needham Market and already trades across East Anglia and the Home Counties, has expanded with the takeover of Automatic Refreshments Ltd (East Anglia), with five of that company’s staff joining the Suffolk firm, bringing its total workforce to 55.
The deal was supported by NatWest, part of the taxpayer-owned Royal Bank of Scotland group, through the government-backed Funding for Lending Scheme.
MorVend, a family-owned business established 47 years ago, services and supplies vending machines at a range of business and public sites. Besides its Suffolk base it also has a site in Hertfordshire, and also owns the coffee bean brand MorBeans.
Managing director Eric Morton, whose father founded the business in 1967 selling milk, said: “Welcoming Automatic Refreshments’ customers to the MorVend family is an important move for us, as we continue our local expansion plans.
“Having the backing from David Read and the team at NatWest has made it possible.”
David Read, senior relationship manager for NatWest, added: “For Eric and the team, it’s all about providing excellent customer service, which drives their business goals.
“MorVend is an ambitious family-run business and I’m proud to have supported them through this stage of growth.”