Burts Snacks Ltd
Posted: 4th August 2021 | Share
Leumi ABL has provided a £17m ABL facility to support the continued growth of one of the UK’s fastest growing, privately owned snacks manufacturers, Burts Snacks Ltd (‘Burts’).
Headquartered in Plymouth in the Southwest and with a second factory in Leicester, Burts is an award-winning premium snack manufacturer, producing a growing range of brand, licensed and private label snacks, driven by their ambition to deliver premium quality snacks with exceptional taste and flavour. Chips and lentil snacks are hand-cooked in the highest quality sunflower oil, one batch at a time, in purpose-built fryers. Burts bags are stamped with the name of the Master Fryer who cooked the snacks. It’s their way of celebrating their craft, but it’s also a seal of authenticity.
Leumi ABL’s £17m flexible finance facility will provide ongoing working capital, together with funds for further expansion of the company’s manufacturing capability to take them beyond their current capability to produce 400 tonnes of snacks per week.
Commenting on the deal, David Nairn, Director and Company Secretary, said: “Leumi ABL came late to the refinancing project, yet even during a nationwide lockdown they quickly recognised the growth story we are on, where we are tracking to grow by 25% and breach £70m sales. Leumi ABL were adaptable and flexible in meeting our expected needs to structure the appropriate ABL facilities to support our growth plans. Working via Teams, the deal team were able to quickly gain the lead spot and complete financial close in less than 16 weeks.”
Leumi ABL Regional Sales Director, Ryan Whitworth, added: “We had a clear mandate on what was required. With the help of David Nairn, Mike Cosby (FD) and their highly professional team we were able to structure the facility and demonstrate Leumi ABL’s refreshing approach, flexibility and timely response, enabling Leumi ABL to be the preferred funding partner. We were successful in winning the deal because we were able to extend further on the Plant & Machinery facility and were able to amortise the P&M loan over 5 years. We look forward to supporting Burts’ growth plans.”
Leumi ABL were advised by Gateleys (legal) and Hilco. Burts were advised by LGP (legal).