Finsbury Food Group PLC Amendment and extension of bank facilities (7122F)
February 23 2018 - 2:00AM
UK Regulatory
TIDMFIF
RNS Number : 7122F
Finsbury Food Group PLC
23 February 2018
Date: 23 February 2018
On behalf Finsbury Food Group Plc ('Finsbury',
of: 'the Company' or 'the Group')
Embargoed 0700hrs
until:
Finsbury Food Group Plc
Amendment and extension of bank facilities
Finsbury Food Group Plc (AIM: FIF), a leading UK speciality
bakery manufacturer of cake, bread and morning goods for both the
retail and foodservice channels, is pleased to announce that it has
refinanced its current debt facilities. The new facility is a
GBP45m revolving credit facility provided by a club of three banks
- HSBC, Rabo Bank and RBS. The facility is on improved terms, is
available for five years and also includes scope for the facility
to be increased by up to a further GBP45m.
The new facility and the potential for it to be increased
further provides increased capacity for the Group to explore future
growth opportunities and support its long-term investment
strategy.
Steve Boyd, Group Finance Director of Finsbury Food Group Plc,
said:
"We are delighted with this successful outcome and this revised
facility, with significant headroom, gives us greater flexibility
and means we are better equipped to deliver growth and shareholder
value going forward."
For further information:
Finsbury Food
Group
John Duffy (Chief
Executive)
Steve Boyd (Finance
Director) www.finsburyfoods.co.uk 029 20 357 500
Cenkos Securities
Bobbie Hilliam
(Corporate Finance)
Alma PR
Rebecca Sanders-Hewett
Sam Modlin finsbury@almapr.co.uk 0203 865 4219
Notes to editors:
-- Finsbury Food Group Plc (AIM: FIF) is a leading UK
manufacturer of cake and bread bakery goods, supplying a broad
range of blue chip customers within both the grocery retail and
'out of home eating' foodservice sectors including major multiples
and leading foodservice providers.
-- The Company is one of the largest speciality bakery groups in
the UK and, with its Overseas division, has sales in the financial
year ending 1 July 2017 exceeding GBP300m.
-- The Company's bakery product range is comprehensive and includes:
o Large premium and celebration cakes.
o Small snacking cake formats such as cake slices and bites.
o Artisan, healthy lifestyle and organic breads through to
rolls, muffins (sweet and savoury) and morning pastries, all of
which are available both fresh and frozen dependent on customer
channel requirements.
-- The Company is one of the largest ambient cake manufacturers
in the UK, a market valued at over GBP944 million (source: Symphony
IRI, 52 w/e 6th January 2018). The annual retail bread and morning
goods market has a value of GBP3.8 billion (source: Kantar
Worldpanel 52 weeks to 31st December 2017). The UK foodservice
bread and morning goods bakery sector is worth approximately GBP836
million per annum. The UK foodservice cake and sweet treat bakery
sector is worth approximately GBP494 million per annum (UK
foodservice data derived from NPD Crest 52 w/e 30th June 2017).
-- The Company comprises a UK Bakery division and an Overseas division:
o The UK Bakery division has manufacturing sites in Cardiff,
East Kilbride, Hamilton, Salisbury, Sheffield and Manchester.
o The Overseas division comprises the Company's 50% owned
company, Lightbody Stretz Ltd, which supplies and distributes the
Group's UK-manufactured products and third party products,
primarily to Europe.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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