Authentic Foods tucks into new funding
RETAIL, pub and hotel catering supplier The Authentic Food Company has refinanced its £7.5m debt facilities to support its growth.
The family-owned Stockport company, which makes frozen ready meals and snacks such as curries, spring rolls and samosas, has extended its relationship with Royal Bank of Scotland.
The company which grew profits by 15% to £2.4m and turnover by 10% to £40m last year, was launched in 1985 by Kamal Basran and over the past 28 years has grown into a major player in the UK food services market.
Under the leadership of Kamal’s son Nik since 2007, the business has seen turnover rise from £23m to £40m thanks to investments in its product range and facilities.
It has invested over £4m over the past three years in its production capabilities and has begun to realise opportunities in non-UK markets: revenues from exports to EU countries grew 65% in the last financial year to 31 May 2012.
The company has banked with RBS for more than 20 years. The new funding includes an asset-backed lending facility with RBS Invoice Finance and increased facilities with Lombard, the UK’s largest leasing and asset finance provider.
Managing director Nik Basran said: “Our success is down to our strong values, a commitment to our clients and a focus on high quality ingredients and products
“As we enter a new growth phase the bank has been able to provide a wider range of services to help us realise our growth aspirations.”
Christopher Yau, relationship director at Royal Bank of Scotland corporate & institutional banking in Manchester, added: “The Authentic Food Company is an award-winning and expanding British company, and one that the North West can be rightly proud of.
“Nik Basran and his team have successfully fostered a very strong brand and excellent relationships across the retailing, catering and food service industries in the UK and, more recently, abroad. “We’re delighted to be able to use the breadth of RBS financial services to support it going forward.”
