Dough boost for Sheffield bakery

Fletchers Group finance director Paul Devlin
Fletchers Group finance director Paul Devlin
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Sheffield-based bakery group Fletchers is looking for opportunities to expand after negotiating a £22 million refinancing package.

The five-year deal gives the Wadsley Bridge group an additional £4.5 million to invest in growth.

Paul Devlin, group finance director, said: “This is a significant step, allowing us to strengthen our balance sheet and pursue strategic options for the future.

“Over the last two years, Fletchers has invested more than £14m in facilities and creating new capacity.

“We have also had to make some hard decisions to rationalise non-profitable parts of the business.

“Facing these difficult challenges has strengthened the company substantially.

“We look forward to the future and the opportunities for further development across our three current businesses and potential new investment opportunities, underpinned by the new banking facility.”

Recent developments include closing a loss-making Barnsley facility, investing £7m in a Sheffield production facility and a £4m expansion of food manufacturing facilities in London.

Fletchers was established in Sheffield in 1895 and has grown to become a prominent manufacturer of fresh and frozen bakery products.