Bakkavor in key refinancing deal

The firm negotiated a rise in its banking facility from £80M to £220M and extended the maturity date from October 2016 to February 2018.

The extra funds will be used for the early repayment of £140M of its existing 8.25% senior secured notes due in 2018, resulting in “significant interest savings for the group”,​ it said.

Lenders and investors​

The firm’s chief financial officer Peter Gates said: “This recognises the excellent progress made to the financial strength of this business over recent years and I would like to thank our lenders and investors for their ongoing support and commitment to the group.”​

In February Bakkavor reported UK full­ year revenue growth​ of 3.8%, from £1.46bn to £1.52bn in the 52 weeks to December 27.

Adjusted earnings before interest, tax, depreciation and amortisation climbed by 8%, from £104.1M to £112.9M.

Bakkavor boss Agust Gudmundsson said the business had made good progress in a difficult trading environment.