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Continued strong performance enables successful refinancing


The Bakkavor Group (‘The Group’) is pleased to announce that it has agreed a new £485 million corporate loan facility.

The facility comprises a £210 million term loan and a £200 million revolving credit facility, maturing in June 2021, and a further £75 million term loan maturing in June 2024.

The Group will use the funds from the new facility to repay in full existing bank debt and redeem all outstanding Senior Secured Notes, as per the redemption notices issued today by Bakkavor Finance (2) plc through the Irish Stock Exchange.

This new funding structure provides the Group with a significant reduction in interest costs whilst extending the maturity of the funding commitments. Upon completion, the Group will no longer have any listed securities.

Peter Gates, Chief Financial Officer, Bakkavor said: “This new financing structure reflects the significant improvements in the financial strength of the business over recent years. We would like to thank our lenders for their support and commitment to the Group.”

Bakkavor Group  
Tamarin Bibow

+44 (0) 20 7908 6143

Media Contacts
Tulchan Communications  
Will Smith, Jessica Reid

+44 (0) 20 7353 4200

Bakkavor at a Glance

Bakkavor is the leading international provider of fresh prepared foods, employing over 18,000 people globally and producing over 5,000 products in 18 different categories.

In the UK, we are the number one producer by value in 12 of the 16 categories of chilled food we supply to the market. Products include ready meals, pizzas, salads, desserts, soups and sauces.

Our customers include some of the UK’s best known grocery retailers including Tesco, Marks & Spencer, Sainsbury’s, Waitrose, Asda, Morrisons and The Co-op, who sell our products to consumers under their respective retailer brands.

We also have operations in the US and Asia supplying fresh prepared food products to both retail and foodservice customers.

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