Food group secures £35m refinancing
CATERING products supplier DBC Foodservice, has agreed a new three-year funding facility from Lloyds Banking Group worth over £35m.
In a deal led by the Manchester offices of Lloyds TSB Corporate Markets and Lloyds TSB Commercial Finance the refinancing includes a £20m working capital line, a £7m term loan and a further £8m to cover ancillary lines.
Formed in 1902, DBC Foodservice supplies fresh and frozen meat, produce and tinned and canned goods to the catering sector.
Customers include: Caffe Nero, Little Chef, Gourmet Burger Kitchen, Loch Fyne, Prezzo Restaurants, Youngs Brewery and Inventive Leisure, the North West operator of the Revolution vodka bar chain.
DBC has sites nationwide including a base in Wythenshawe, Mancheste, where it has 50 staff. It has a fleet of 213 vehicles and employs more than 1,000 people nationwide.
Andrew Ramsden, chief executive, DBC Foodservice, said: “When the time came to refinance our existing funding package, it was an easy decision as to which bank we should pick.
“As we already had a committed, locally-based bank, in Lloyds TSB Corporate Markets, that understood our business, the sector and our long-term goals – why change?
“The bank’s team really impressed us with their speed and the tailored solution they provided that met all the needs of our business.”
The funding package was put together by Lloyds TSB’s team in Manchester, headed up by relationship manager, James Barron and client manager, Andrew Gaunt.
Mr Barron said:”DBC Foodservice is a real success story with a national reach and a market-leading position, which is testament to the business’s high class management team.
“I think this deal says three important things about our banking capabilities: we offer a highly responsive and effective finance offering; we deliver locally; we are with our clients for the long term.”
