Frank Roberts and Sons Ltd announced that they have successfully raised £18m to support the future growth of the business.
The fourth-generation family-owned bakery firm is the fourth-largest retail bread brand in the UK.
Frank Roberts and Sons has a turnover in excess of £90m with bakeries in Northwich, Cheshire and Ilkeston, Derbyshire, employing over 750 people, and serves a mix of national branded retail, own label, food to-go and food service customers, under key brands Roberts Bakery and Little Treats.
The investment will be used to fund investment in the bakery and any working capital requirements.
Mike Roberts, Deputy Chairman, commented: “The new funding puts us in a very strong position and allows us to really invest for the future growth of our business and advance on our journey towards Net Zero Carbon.
“We’re constantly innovating new products alongside our core offerings and we now have the opportunity to ensure our bakery uses the most modern equipment and continues to produce the best quality products available on the shelves.”
The £18m funding package has been raised through an asset-based lending facility, provided by Wells Fargo. PwC Debt & Capital Advisory advised the company on the financing, working directly with Finance Director Diarmuid Conifrey, who led this project for Roberts, supported by Interim Transformation Director Mark Cooper.
Julian Osborne, Director at Wells Fargo, added: “We are proud to support a great, iconic company like Frank Roberts so they can continue to grow and innovate their business.”
Alongside the investment news the bakery firm also announced the arrival of a new permanent Managing Director.
Bill Thurston has joined the senior management team this month with a remit to lead the business into the next phase of growth. With more than 30 years experience in commercial and manufacturing environments Bill has significant expertise in the bakery sector, working with major retailers, food service and industrial customers around the world.
Editor: Kiran Grewal email@example.com