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.”
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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.
Fletchers supplies fresh and frozen bread products to Marks & Spencer, Sainsbury’s and Tesco.
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