Bakkavor Group secures £455m from 10 banks

Bakkavor Group plc, the leading provider of fresh prepared food in the UK, has today announced that it has successfully concluded a planned refinancing of its core group bank facilities, agreeing new term loan and revolving credit facilities totalling £455m.

The facilities replace the London-based company's existing £410m loan and revolving credit of facilities, which were due to mature in June 2021.

In line with the group's Corporate Responsibility (CR) strategy, the margin on the facilities is also linked to two of the Group's CR targets: its performance against food waste reduction and greenhouse gas emission targets.

The facilities have been provided by ten banks, including three new banks.

The Group is the number one by market share in the UK in the four FPF product categories of meals, salads, desserts and pizza & bread, providing high-quality, fresh, healthy and convenient food. Its customers include some of the UK's leading grocery retailers, including Tesco, Marks & Spencer, Sainsbury's and Waitrose.

Bakkavor was founded in 1986 and has its headquarters in London. It has over 20,000 employees and operates 25 factories in the UK, 5 in the US and 9 in China.