The Real Good Food Company has agreed a new five-year bank facility with PNC Financial Services UK.
The ingredients manufacturer, known for such brands as bakery ingredients firm Renshaw and Wiltshire-based Haydens Bakery, announced the news at the end of last year prior to the maturity of its existing £40m facilities with the financier due in July 2013.
The new bank facility will run until December 2017, which the company said will comprise a mixture of revolving credit facilities secured on trade debtors and inventory and term loans secured on the fixed assets of the business.
Pieter Totté, executive chairman of Real Good Food Company, said: “I am extremely pleased we have been able to extend our relationship with PNC, which has always been supportive of the group and has demonstrated its continued commitment by providing the facilities we need to help deliver our ambitions.”
In November, the Real Good Food Company reported a £9.6m increase in revenues to £137.8m for the six-month period to 30 September 2012.