BBF, a cake manufacturer based in northern England, has secured a GBP40m (US$51,4m) financing facility and plans to use the money to support its growth plans.
Blackburn, Lancashire-based BBF, which has agreed the facility with Wells Fargo Capital Finance (WFCF), supplies major retailers in the UK, including Tesco, Sainsbury’s, Asda and Aldi. Some of its products are made under licence for food manufactures including Mars, Pladis and Haribo.
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It has revenues of more than GBP150m and employs 5,000 people over five sites in the UK and Poland.
BBF, also known by its non-abbreviated name Bright Blue Foods, has been owned by private-equity firm Endless since 2015. It said its new three-year financing facility provides day-to-day working capital and also gives it headroom to allow further capital investment in its manufacturing facilities.
Last year BBF added to its existing facilities with the acquisition of convenience food group Greencore’s ambient cake and chilled desserts division’s bakery building in Hull, on England’s north east coast.
Jonathan Lill, CEO of BBF, said: “The facility provided by Wells Fargo gives the business extra firepower to make further investment in all of our manufacturing sites and to deliver on our strategic growth plans.”
Tom Weedall, director of loan originations at WFCF UK, added: “Leveraging Wells Fargo’s platform, we are delighted to work with BBF. This funding facility will support their future working capital and growth requirements.”
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