Provided by specialist financial services company Shawbrook, the ABL includes a £5m invoice-financing line, a £1.5m property loan and a £1m cashflow loan over a three-year term.
The two parties struck the deal as Genius was looking to re-finance an existing invoice finance line and raise additional funds to improve efficiency and production lines in its Bathgate bakery. The agreement was reached in the wake of Genius’ acquisition by Germany- based confectionary business, Katjes Group last year.
Peter Quinn, chief executive of Genius Foods, said: “Shawbrook has been incredibly supportive over the past four years, working closely with our team through last year's acquisition and the tough economic climate. The package the team at Shawbrook have put together for us is unparalleled in its flexibility and we extend our gratitude to David and the wider team for their support.”
“We are passionate about our products and this extra funding not only allows us to re-invest into our business and premises, but also to re-focus on expanding our presence in the UK and Europe under the Katjes Group umbrella.”
Genius was founded in 2009 by Bruce-Gardyne and produces a range of gluten-free bakery products. The firm supplies retailers Tesco, Asda, Morrisons, Waitrose, Co-op and Ocado. It also supplies retailers in the Republic of Ireland, France, the Netherlands, Germany and Australia.
David Cayzer, director at Shawbrook, added “We are excited to be able to support Genius in its latest phase of growth under exciting new ownership. Genius Foods have a clear strategy to expand their customer base and provide high quality products in the increasingly popular free-from food and wellness sectors all over the UK, Europe and beyond.”
“We were impressed with the senior team at Genius and were pleased to structure a unique ABL package that supports the business with its longer-term growth plans. We look forward to working with Genius in the future.”