Real Good Food completes five year banking facility

Sugar and ingredients firm Real Good Food Company confirmed that it has completed a new five year 50m pound bank facility with its current financiers PNC Financial Services UK ahead of the maturity of its existing facilities in July 2013.

The new facility which, represents a £10m increase on the existing facility, will run until December 2017, the group explained.

It is comprised of a mixture of revolving credit facilities secured on trade debtors and inventory and term loans secured on the fixed assets of the business.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Chairman Pieter Tott said the loan agreement will provide the facilities it needs to deliver the company's ambitions.

In its last trading update in September, Real Good Food said the current year has started well, with a strong first quarter, a flatter second quarter, and early indications pointing to a seasonally-strong third quarter.

CJ