REG - Finsbury Food Group - Amendment and extension of bank facilities <Origin Href="QuoteRef">FIF.L</Origin>

Finsbury FoodAnnouncement

23/02/2018 07:00

RNS Number : 7122F
Finsbury Food Group PLC
23 February 2018
Date:
23 February 2018
On behalf of:
Finsbury Food Group Plc ('Finsbury', 'the Company' or 'the Group')
Embargoed until:
0700hrs
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 45m 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 45m.
The new facility and the potential for it to be increased further provides increased capacity for the Group to explore future growth opportunities and supportits 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
BobbieHilliam(CorporateFinance)
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 300m.
 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 944 million (source: Symphony IRI, 52 w/e 6th January 2018). The annual retail bread and morning goods market has a value of 3.8 billion (source: Kantar Worldpanel 52 weeks to 31st December 2017). The UK foodservice bread and morning goods bakery sector is worth approximately 836 million per annum. The UK foodservice cake and sweet treat bakery sector is worth approximately 494 million per annum (UK foodservice data derived from NPD Crest 52 w/e 30thJune 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
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