Leumi ABL completes refinancing deal with David Wood Baking Limited
Posted: 1st February 2023 | Share
Leumi ABL is supporting the growth plans of Leeds-headquartered David Wood Baking Limited.
The business produces a range of freshly prepared, high quality food, including pastries, crafted bread and luxury meals for the UK’s top grocery retailers and foodservice outlets. Set up in 2008, David Wood Baking now has eight factory sites around the UK.
Leumi ABL has provided a £32m ABL facility working alongside a Fresh Thinking Capital facility of £2.9m to provide additional liquidity and working capital to the business for further expansion and to grow its market position across the UK. The £32m ABL facility consists of £28.4m invoice finance and a £3.6m plant & machinery facility.
David Wood, Managing Director of David Wood Baking, said: “We were recommended to Leumi and from the initial conversation about our business requirements with John Walsh, to going live, has been impressive and achieved within a tight timescale. What started with a simple invoice discounting facility request, through Leumi’ s proactive nature and desire to fully understand our business end-to-end, Leumi went beyond our expectations and even presented us with an alternative solution that fully supports our growth plans and cash requirements. We look forward to partnering with Leumi in our next phase of growth.”
John Walsh, Regional Sales Director for Leumi ABL, added: “It has been a pleasure to work with KPMG, Fresh Thinking Capital and the Management Team at David Wood Baking on this transaction. Management and all of the advisors have worked together seamlessly to deliver what we consider the prime funding structure that will allow the management team the financial freedom to execute on their growth plan. Thanks to everyone involved for successfully facilitating the transaction.”
Squire Patton Boggs provided legal advice to Leumi; collateral due diligence was provided by Hilco Valuation Services. Shareholder advice was provided by KPMG and legal advice by Blacks. Clarion provided legal advice to Fresh Thinking capital.
John Walsh, Regional Sales Director, Leumi ABL