Real Good Food PLC Additional Funding (9821G)
November 21 2022 - 2:00AM
UK Regulatory
TIDMRGD
RNS Number : 9821G
Real Good Food PLC
21 November 2022
21 November 2022
Real Good Food plc
("RGF" or "the Group")
Additional Funding
Real Good Food plc (AIM:RGD), the food manufacturing business
specialising in cake decoration, announces that it has secured an
additional GBP2.5 million in funding to support its turnaround.
This is further to the Trading Update issued on 30 September 2022
in which the Group indicated it was in advanced discussions to
secure additional funding.
The new funding is being provided by Hilco Private Capital for a
term of twelve months and supplements the existing GBP6.3 million
facility with Leumi ABL. As a consequence, no new Loan Notes will
be issued. The funding ranks behind the existing Leumi ABL facility
and ahead of the Loan Notes in security. The blended interest rate
for third party funding is expected to be 12.1%, based on current
market rates.
Mike Holt, Executive Chairman, commented:
"We are delighted that new funding has been secured to support
the radical reform of RGF which is intended to reduce costs,
protect revenues and preserve the inherent value of the Group. With
support from both customers and employees, we are making good
progress on the required reforms and several major customers have
already agreed to significant price re-sets. We are confident that
the right actions are being put in place to return the business to
sustainable profitability and being cash generative.
I am particularly pleased that Leumi ABL continues to support
the Group and that Hilco has provided the new funds required. I
would also like to thank our suppliers for their forbearance over
recent months pending this funding being secured."
Enquiries:
Real Good Food plc Tel: 0151 541 3790
Mik e Holt, Executive Chairman
finnCap Limited (Nomad and Broker) Tel: 020 7220 0500
Carl Holmes / Abigail Kelly (Corporate Finance)
MHP Communications (Financial PR) Tel: 020 3128 8100
Reg Hoare / Katie Hunt rgf@mhpc.com
About Real Good Food
Real Good Food plc is a food manufacturing business specialising
in Cake Decoration; it serves several market sectors including
retail (own label and private label), manufacturing and export, and
operates under two brands, Renshaw and Rainbow Dust Colours.
http://www.realgoodfoodplc.com.
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