This website uses cookies primarily for visitor analytics. Certain pages will ask you to fill in contact details to receive additional information. On these pages you have the option of having the site log your details for future visits. Indicating you want the site to remember your details will place a cookie on your device. To view our full cookie policy, please click here. You can also view it at any time by going to our Contact Us page.

Finsbury Foods buys into the gluten-free market with HSBC support

07 September 2018

The Cardiff-headquartered speciality bakery manufacturer has secured an additional £15 million finance package from HSBC UK and its other banking partners to support the acquisition of gluten free bakery business, Ultrapharm Ltd. 

Finsbury Foods, which produces bread, cake and snack products, has agreed an uplift on its current £45 million revolving credit facility (RCF) to make the acquisition. This takes its total borrowing to £60 million.
The existing £45 million RCF was agreed by banking partners HSBC UK, RBS and Rabobank in February 2018 to provide the business with a range of working capital facilities, with a further £45 million uncommitted finance facility available to support its acquisition strategy.
The acquisition of Pontypool-based Ultrapharm has enabled Finsbury Foods to take a space in the gluten free market, which will help broaden its current offer, allow it to supply into a larger number of supermarkets across the UK and provide the Group with a larger footprint in Europe.
Steve Boyd, group financial director at Finsbury Foods, said: “The acquisition of Ultrapharm is important for us as it accelerates our strategy to diversify within our bakery division by introducing new products, customers and channels. Ultrapharm represents a large step into the fast growing gluten free market, as well as a manufacturing presence in Poland.  This has been made possible by HSBC UK and our other banking partners. The existing revolving credit facility has been pivotal to the smooth operation and organic growth of our business over the last six months and it gives us confidence to know that there is additional financing available to help us grow through acquisition when the opportunities arise.”

Print this page | E-mail this page


Article image Anheuser-Busch InBev’s distribution strategy model

Over the past 10 years Anheuser-Busch InBev (A-B InBev) has grown its global distribution network using a strategy which goes against the grain for traditional brewery specifications. In place of cost and time intensive permanent structures, it has adopted a design-driven approach in partnership with Herchenbach, a manufacturer of temporary buildings and semi-permanent warehouses. Full Story...

Article image And the 2018 Food Processing Award winners are…

There were nine Food Processing Awards up for grabs this year. The judging panel whittled it down to three finalists in each category and we left it to the readers of Food Processing to decide the winners, which were announced at an awards ceremony in Coventry on 18th October.Full Story...

What role does refrigeration play in the supply chain?

A recipe for continuous improvement success

Adapt and change to stay competitive