Barclays backs the Honey Monster

BARCLAYS’ leveraged finance team in Manchester has provided a £27m debt facility to the breakfast cereal company that makes Sugar Puffs.

The deal has enabled the Leicester-based Big Bear Group to refinance existing loan note facilities.

Big Bear, which employs 250 people, also makes Harvest Chewee bars and Fox’s Glacier Mints. The business was formed in 2003 following a management buy-in at Fox’s Confectionery. It bought Honey Monster Foods and Harvest Chewee from Pepsi in 2006.

John Jackson, joint chairman of Big Bear, said: “The substantial new facilities from Barclays provide us with a solid base on which to trade through the demanding period ahead as well as allowing us to return some money to our strongly supportive shareholders. 

Chris Mitchell, Director, Barclays Corporate Leveraged Finance, said: “Our support reflects the achievement of the management team in reinvigorating the Honey Monster and Fox’s brands and continuing to drive growth across the group.”