A team from Lloyds Bank Wholesale Banking & Markets in Bristol has secured a £170m refinance package for Britain’s biggest egg producer Noble Foods to support its continuing growth of the business.
Lloyds provided overdraft and ancillary facilities and a bespoke invoice discounting package from the bank’s commercial finance team.
Bristol law firms Lyons Davidson and Burges Salmon also supported the deal, advising Noble Foods and the banks respectively.
Noble Foods was formed in 2006 when Michael Kent, the then owner of Chippenham-based egg producer Stonegate, acquired half of Hertfordshire firm Deans. Since then it has acquired Gü Chocolate Puds and Didier’s Patisserie.
Lloyds Bank Wholesale Banking & Markets area director Clive Hetherington said: “We worked closely with our commercial finance team, led by Keith Chilman, to complete this substantial deal in what remains a difficult economic climate.
“This collaborative approach enabled us support to our customer giving them the ability to take advantage of emerging opportunities.”
Noble Foods financial director Stuart Lowe said: “The last year has been a period of huge change for the egg industry and we are delighted to have completed this deal.
“Having solid financial support in place will help us ensure our business is well prepared for growth and investment as the wider economy recovers.”
Every week Noble Foods delivers more than 55m eggs from producers across the country to the shelves of the UK’s leading supermarkets. This means working closely with around 480 farms, including 81 farms in the South West, to collect, grade and package the eggs.
Lloyds Bank Wholesale Banking & Markets relationship director Andy Hart, who led the deal, added: “Noble is a well-run and ambitious business with a strong track record in growth, having acquired in the last few years. Since we began working with the team in 2009 we have built up a strong relationship with Stuart and his colleagues and look forward to continuing to support the growth of the business.”