Authentic Food founder exits after refinancing deal
THE founder of North West food supplier has stepped down after a multi-million pound refinancing deal.
Lak Basran, who set up what was Authentic Indian Foods in 1985, has sold out of the Manchester-based business which has a £33m turnover and now trades as The Authentic Food Company.
His son Nik, now runs the company, which employs 230 people across sites in Sharston, Manchester and Stockport, and makes British, Eastern and Mediterranean as well as Indian meals for retailers, pubs and restaurants.
The undisclosed refinancing comprised of funding from RBS Corporate Banking, Lombard and RBS Invoice Finance.
RBS has provided the Authentic Food Company with a bespoke finance package providing cash for capital expenditure and working capital.
Nik Basran, managing director said: “By working with our bank we have been able to access alternative funding options which have maximised working capital and given us the confidence to continue to invest and grow the business.
“The additional finance has also meant that my father, as an original shareholder, has been able to extract his share of the company with ease whilst we continue to focus on the business of making quality cuisine.”
James Leipnik, relationship director, corporate banking at RBS, added: “The Authentic Food Company has an excellent reputation as suppliers of international cuisine and been a customer of ours for 18 years so we understand exactly how they operate and what their financial needs are.
“By drawing on that understanding and bringing in colleagues from the wider RBS group, we have successfully tailored solutions to fit the business’ requirements and provided the financial backing to support further growth and development in 2010 and beyond.”
