Real Good Food Company raises +£2M to cut debts

By Lorraine Mullaney and Mike Stones

- Last updated on GMT

Related tags Sugar

The Real Good Food Company has raised £2.4M to cuts its debts
The Real Good Food Company has raised £2.4M to cuts its debts
Liverpool-based baking ingredients and sugar supplier The Real Good Food Company (RGFC) has raised £2.4M by issuing new shares to shareholder and strategic partner Omnicane. The money will be used to help the firm reduce its debts.

The fund-raising, which accompanies a commercial agreement between the Liverpool firm and the Mauritius-based sugar producer, will see Omnicane’s stake grow to 20% of the business.

The RGFC has been talking to Omnicane’s management about how the parties could work together since the Mauritian company took a stake in it earlier this year.

In addition to supplying cane sugar imports to Europe, the partners plan to explore joint ventures in added-value sugar production and developing export markets for other RGFC products, particularly on the African continent.

Innovative development

Pieter Totté, RGFC executive chairman, said: I am very pleased with this innovative development, this is an exciting time for the business and we look forward to working with Omnicane on exploring mutually beneficial opportunities.”

Jacques D'Unienville, Omnicane ceo, added: "We have known Napier Brown and RGFC for a long time and are delighted to be now working together. Both businesses can learn from each other ​– with the impending changes in the sugar market, the timing couldn't be better.”

A representative of Omnicane will be appointed to the board of the RGFC.

Omnicane was claimed to have developed a world-class, low-cost model of cane sugar refining combined with electricity co-generation. It planned to develop this integrated model of sugar and energy production worldwide.

Biggest sugar producer

The Mauritius firm is the biggest sugar producer in the country and one of the largest African, Caribbean and Pacific countries, which have duty-free access to the EU.

It produces refined white sugar and was launched in 2009 as a rebranding of Mon Tresor and Mon Desert.

The RGFC owns Napier Brown, the largest independent non-refining distributor of sugar in Europe, supplies bakery ingredients under the Renshaw brand and manufactures patisserie and desserts under the Haydens Bakery brand.

Earlier this year, reported the RGFC’s claims that it was “on track” ​to double its size within three years. Totté made the comments after posting half-year continuing profit before tax up 148% to £5.7M.

Speaking in March Totté said: “With trading starting positively in January, and divisional management achieving further progress in their improvement programmes, I am confident of meeting our expectations for 2012. And of remaining on track to achieve our aspiration of doubling the size of the business within three years.”

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