04/12/12
Rice giant Veetee Foods named among fastest-growing private firms
The Veetee factory on the
Medway City Estate
by business editor Trevor Sturgess
Rice specialist firm Veetee Foods has been named among Britain’s
100 fastest-growing privately-owned companies.
The Rochester-based business - founded in 2006 by Moni Varma -
was ranked 82nd in the latest Sunday Times Fast Track 100 with
annual sales growth over four years of 56.43%.
Turnover has shot up from £3.5m in 2008-9 to £13.6m in 2011-12,
thanks to the increasing popularity of its Dine In rice
dishes.
The company based on Medway City Estate employs 43 people.
In October, Veetee was ranked fifth in the Kent and Medway
MegaGrowth 50 listing, with sales growth of 113% between 2007
and 2011.
Veetee has doubled its production capacity in the last year and
uses exclusive technology to steam natural white rice rather than
the parboiled variety used in other convenience dishes.
In the last month, again using
innovative technology, it has launched Veetee Dine In Pasta which
is already in stores nationwide.
Production capacity in 2012 was doubled to meet increased demand
from North America, mainland Europe, Australia and New Zealand, and
the UK.
The Fast Track 100 is sponsored by Virgin, Barclays and RSM
Tenon.
Virgin chief Sir Richard Branson (pictured left said: "The tough
economic conditions of the last few years have continued throughout
2012.
"Despite the positive feelings and boost provided by the Olympic
and Paralympic Games, the UK's recovery has been slow and uneven
this year.
"Against this backdrop, the Fast Track 100 companies have
performed especially well, growing strongly and creating all
important jobs."