Real Good Food completes five year banking facility

LONDON (ShareCast) - Sugar and ingredients firm Real Good Food Company confirmed that it has completed a new five year 50m pound bank facility with its current financiers PNC Financial Services UK ahead of the maturity of its existing facilities in July 2013.

The new facility which, represents a £10m increase on the existing facility, will run until December 2017, the group explained.

It is comprised of a mixture of revolving credit facilities secured on trade debtors and inventory and term loans secured on the fixed assets of the business.

Chairman Pieter Totté said the loan agreement will provide the facilities it needs to deliver the company's ambitions.

In its last trading update in September, Real Good Food said the current year has started well, with a strong first quarter, a flatter second quarter, and early indications pointing to a seasonally-strong third quarter.