Yorkshire cake manufacturer set for further growth following £40m funding
BBF, a UK manufacturer of own label, licensed and branded ambient cakes and desserts, has announced a new £40m financing facility with Wells Fargo Capital Finance (‘WFCF’) to support future growth plans.
BBF serves all the UK’s most recognisable food retailers such as Tesco, Sainsbury’s, ASDA, Marks and Spencer, Aldi and Lidl.
With manufacturing facilities in Blackburn, Bradford and Poland, in 2018 BBF complemented the group’s facilities with the acquisition of Greencore PLC’s ambient cake and chilled desserts division headquartered from a large, modern bakery in Hull.
As a result of the acquisition, annual group revenues have risen to over £150m, with over 2,000 people employed over the five sites.
Jonathan Lill, CEO of BBF, said: “The facility provided by Wells Fargo gives the business extra firepower to make further investment in all of our manufacturing sites and to deliver on our strategic growth plans.
“Wells demonstrated great appetite throughout the process to support the business and we’re excited to have secured this new funding facility.”
BBF, led by CEO Jonathan Lill, has been owned by the leading transformational private equity investor, Endless LLP, since 2015 during which time significant investment has seen strong revenue growth and new customer engagement.
FRP Advisory in Manchester provided Debt Advisory advice to Endless and BBF.
Tom Weedall, director of loan originations at WFCF UK, added: “Leveraging Wells Fargo’s platform, we are delighted to work with BBF.
“This funding facility will support their future working capital and growth requirements. Also, our tailored solution will enable BBF to continue to provide the highest level of service and award-winning products to their customers.”