Leading UK manufacturer completes £33.2 million asset-based credit facility
LONDON, UK, March 1, 2017 – Wells Fargo Capital Finance UK Limited, part of Wells Fargo & Company (NYSE: WFC), announced that it acted as agent and lead arranger for an asset-based credit facility for Burton’s Biscuit Company (“Burton’s Biscuits”), a UK based leading manufacturer. The credit facility will be used by Burton’s Biscuits, which produces baked goods such as Maryland Jammie Dodgers and Wagon Wheels, to support ongoing working capital needs.
“Wells Fargo Capital Finance has demonstrated a refreshingly flexible approach to providing a lending facility that supports the ongoing working capital requirements of the business,” said Sarah Spittle, company finance director of Burton’s Biscuits. “By tailoring the facility to our needs, Wells Fargo Capital Finance worked with us to find a business finance solution that benefits all parties. Securing this facility is part of our transformation plan to be the retailer’s first choice as their manufacturer of branded and private label biscuits and snacks.”
“We are pleased to have the opportunity to work with Burton’s Biscuit Company,” said Steven Chait, managing director and head of EMEA at Wells Fargo Capital Finance. “The asset-based credit facility established to support the transaction and fund the growth of the business demonstrates the increasing capabilities and financial solutions Wells Fargo Capital Finance can tailor for its clients.”
About Burton’s Biscuit Company
Burton’s Biscuit Company is the trading name of Burton’s Foods Ltd. Burton’s Biscuits is a £250m turnover business, a leading manufacturer of both private label and premium biscuit brands from its facilities in Moreton, Edinburgh, Blackpool and Llantarnam. Bought by Ontario Teachers’ Pension Plan in November 2013, Burtons recently announced the sale of its Cadbury licence to Mondelez International leading to the new financing structure announced today.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance provides comprehensive asset-based lending, technology finance, and supply chain finance to a wide spectrum of companies across the U.K. With offices located in London, Birmingham and Manchester, we provide a flexible financing option for companies facing a variety of situations, including: growth, leveraged buyouts, refinancings, restructurings, early and mid-staged turnarounds, mergers and acquisitions. www.wellsfargocapitalfinance.co.uk
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.