Lidl to invest £4bn in UK food producers in 2023
The group have committed to £17 billion for the period 2020 to 2025
Lidl has said it will invest £4 billion into UK food businesses this year as it pushes forward with growth plans.
Lidl GB added that the move will accelerate previously announced spending plans.
In 2019, the British arm of the German discount retailer committed to £15 billion of investment in the UK food industry from 2020 to 2025.
The group said this is now expected to rise to £17 billion for the period.
Ryan McDonnell, chief executive officer at Lidl GB, said: “The farmers and producers that supply us, some of which have been with us for decades, are paramount to the success of our business.
“We see them as partners in our mission to provide households with high quality affordable produce, and for many, working with Lidl GB and being part of our growth has opened opportunities for their own expansion, both here in the UK and across the globe.”
Lidl said it sources around two-thirds of its core products from the UK and works with more than 650 suppliers across the country.
Martin Kottbauer, chief trading officer at Lidl GB, said: “Providing our suppliers with the security and certainty needed for them to invest and grow has been a big focus for us over the years.
“It’s why we’ve led the industry on the introduction of longer-term contracts, and it’s why our continued investment in the British food and farming industry remains an absolute priority for our business.”
It comes amid continued UK sales growth for Lidl, as shoppers face increased pressure on their budgets from higher household bills.
Earlier this month, Lidl said sales increased by 24.5% over the four weeks to December 25, compared with the same period in 2021.
The retailer now has more than 950 British stores and employs around 28,000 staff.
Published: by Radio NewsHub