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New £35m funding deal for food service company
by Dave Jones, Daily Post - 16/09/2009
"A FOOD service company bought by Iceland boss Malcolm Walker and two other members of his board has secured a new funding deal worth more than £35m."
DBC Foodservice has secured the three-year funding facility in a joint package from Lloyds TSB Corporate Markets and Lloyds TSB Commercial Finance.
The facility will include £20m working capital, a £7m loan and a further £8m to cover ancillary costs.
Andrew Ramsden, DBC Foodservice chief executive, said: “We operate in a very competitive environment and are currently the third largest player in the sector, with enormous potential for us to challenge the market leaders.
“Being able to turn to a trusted partner offering flexible solutions, like Lloyds TSB, will certainly make all the difference and help us achieve our goals.”
The funding package was put together by Lloyds TSB's team in Manchester, led by relationship manager James Barron and client manager Andrew Gaunt.
Mr Barron said: “We're delighted to have been retained as DBC's banking partner and we look forward to supporting Andrew and his team as they continue to grow and develop the company.”
WPD Limited, a company owned by Deeside-based Iceland Frozen Foods founder and chief executive Mr Walker, Andrew Pritchard and Tarsem Dhaliwal, acquired WF Group Holdings Ltd, which owns DBC, in May this year. Mr Pritchard is Iceland’s managing director and Tarsem Dhaliwal finance director.
Mr Dhaliwal, chairman of DBC Foodservice, said at the time: “This is not a takeover of DBC by Iceland, and Malcolm, Andy and I will remain firmly focused on our day jobs there. However, we can add value to DBC by providing advice, direction and support to its management team.
“We shall also be looking for opportunities to exploit our industry knowledge, experience and buying power to extend DBC’s capabilities and improve its performance for the benefit of all stakeholders in the company.”
Mr Ramsden and the new owners aim to turn DBC into a major force in food service to rival major players Brakes and 3663 First For Foodservice, which each have UK turnovers of more than £1.5bn. DBC’s turnover for the year to March was up by 9% to £270m.
DBC is recovering following its failed merger with Woodward Foodservice, which saw parent company Woodward Food Group make a loss. Mr Ramsden shut several Woodward depots and sold the business to Brakes for an estimated £20m last September.
DBC Foodservice operates from 12 locations across the UK and has more than 1,000 employees. It supplies ambient grocery, chilled, frozen, fresh produce, fresh and cooked meats, non-food, fair trade and organic products to major brands including Caffe Nero, Little Chef, Gourmet Burger Kitchen, Loch Fyne and Youngs Brewery.
More Details: http://www.dailypost.co.uk/business-news/business-news/2009/09/16/new-35m-funding-deal-for-food-service-company-55578-24699000/