MCKENNA STEAKS LIVERPOOL SEED FUND BACKING

June 16th 2005

Steak lovers all over Britain will soon be assured of perfect quality cooking every time thanks to a revolutionary new food process developed by a Wirral entrepreneur.

Award-winning former chef, Sean McKenna, developed the process after 25 years working in top class country house hotel where, despite using the finest quality meat, he found he could not guarantee the tenderness of the steak every time.

After two years' intensive development and research, McKenna's Tender Meats (MTM) has now received an initial investment package totalling £100,000. The cash injection comprises funding from the new £27m Liverpool Seed Fund, with the remainder DTI grant funding and Directors' own investment. MTM is currently raising further development capital as part of its expansion plans.

The steaks are entirely natural made from finest quality meat which is marinaded in a unique blend of spices, herbs and oil. Then the steaks undergo the patented process which means they can then be cooked in a frying pan from frozen in just a couple of minutes with no additional oil or fats required. Unlike other frozen products MTM's steaks are designed to retain their moisture and flavour consistently.

The process can also be applied to other foods such as chicken, turkey and game. MTM plans to develop its product range further once premises have been secured in Liverpool.

Investment Director Darren Gowling said: "Sean McKenna has worked hard to develop this clever and innovative concept which has already been successfully piloted. We believe it has great potential and expect the company to begin trading early next year."

Sean McKenna said: "The backing from The Liverpool Seed Fund and support from Liverpool Ventures means my idea can now become a commercial reality. The demand for healthy, tasty, quality food that can be cooked quickly with minimum preparation time is high. Already I have received strong interest from restaurants and supermarkets all over the UK."

Steve Nesbitt CEO of Liverpool Ventures said: "We were pleased to have worked with MTM to raise the funding they needed to develop the concept and look forward to working closely with Sean as the business progresses."

Over the next 12 months it is expected that eight full time jobs will be created in the business and this figure is predicted to double within 18 months of trading. Turnover is expected to reach over £1m within three years.

Ends

For further information contact Angela White at Merseyside Special Investment Fund on 0151 236 4040

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Photo shows L-R Darren Gowling (MSIF) Sean McKenna (MTM) Steve Nesbitt (Liverpool Ventures)

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