Wells Fargo Capital Finance UK provided a revolving asset-based financing facility for First Milk, the UK’s only major dairy company 100% owned by British farmers.

The Wells Fargo team was led by Tom Weedall, supported by Neil Kerridge and Michelle Titcombe. Susan Kelly and James Wilson, Maclay Murray & Spens were the legal advisers to First Milk and Georgia Quenby and Victoria Thompson, Reed Smith, and Morton Fraser advised Wells Fargo. Hilco Valuation Services provided the due diligence. Marlborough Partners advised the refinancing for First Milk.

The structure refinanced First Milk’s existing facilities and provided additional working capital to assist the growth and development of the business.

Steven Chait, managing director and head of EMEA at Wells Fargo Capital Finance said, “We are very pleased with the opportunity to work with such a great company and management team. The asset-based credit facility put in place for this transaction demonstrates the breath of capabilities and financial solutions Wells Fargo Capital Finance can customize for its clients. We are pleased to provide a solid platform for First Milk to continue to provide the highest level of service to its members, customers and suppliers, something we understand and relate to.”

Clive Sharpe, chairman at First Milk, said, “I am delighted with the financing package we now have in place. Through the hard work and support of our advisers and new lender, we are able to reinforce our position as a key partner for Britain’s dairy farmers. The long term facility is aligned to our stable business model to focus on and support our long-standing members.”