UK: Fletchers hints at expansion, secures refinancing deal
Fletchers is a supplier of bakery products to Sainsbury's and Tesco
Fletchers Group of Bakeries has secured GBP4.5m (US$7.3m) as part of a refinancing deal with ABN Amro in a move that will allow the group to invest in growth.
Speaking to just-food today (6 February), a spokesperson said the company would invest in organic growth, spending a big portion of the cash on improving existing sites in London, Manchester and Sheffield. He added that the baker would not "rule out" the "potential for strategic acquisitions."
The agreement represents a renewal of existing loan facilities and is part of a five-year GBP22m refinancing deal with ABN Amro.
As yet Fletchers has not established a timetable for its investment programme. However, since the refinancing deal spans three-to-five years, the spokesperson revealed: "whatever happens will happen in that timeframe."
In the last year the firm announced a number of developments including the closure of a non-profitable facility in Barnsley. No further closures are planned.
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