Cake decoration and food ingredients maker Real Good Food has secured a total credit facility of £8.9 million ($10.87 million) from lender Leumi.
The loan is comprised of a £5.5 million ($6.7 million) receivables facility, a £1.3 million ($1.6 million) term loan facility and a £2.1 million ($2.8 million) plant & machinery facility.
The receivables and term loan facility each have a 60-month term, while the plant and machinery facility has a 36-month term.
The loan will allow Real Good Food to repay debt facilities provided by major shareholders Napier Brown Ingredients, Omnicane International Investors and funds managed by Downing.
“We are delighted with the support we have received from Leumi in the form of the facilities, as we seek to normalize our facilities with a better balance of bank funding and shareholder support. The bank’s support underpins the work the board has undertaken in streamlining the business units of Real Good Food in order to drive the group towards consolidated profitability,” said Chief Executive Officer Hugh Cawley.
