Big Food Group secures finance for revamp - Food Retailing - Brief Article - Statistical Data Included

Eurofood,  July 4, 2002  

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The Big Food Group, formerly known as Iceland, as secured and implemented a refinancing programme which it hopes will revive the food group's ailing fortunes.

Iceland became the Big Food Group as the board wanted the company's name to reflect the full range of activities in which the business operates. The Big Food Group includes Iceland, the frozen food chain, Booker cash & carry and foodservice unit Woodward.

Earlier this year, the Big Food Group outlined its plan to boost the firm's performance, earmarking some 80m [pounds sterling] (123.8m [euro]) to refurbish the Iceland chain of stores, 43m [pounds sterling] for Booker and 17m [pounds sterling] for Woodward foodservice. The Big Food Group is also pumping some 12m [pounds sterling] into its home shopping strategy.

Bill Grimsey, chief executive officer at Big Food said, "I am delighted that having put in place our refinancing package to fund our recovery strategy, we are now able to develop the potential of the Big Food Group as the only UK integrated food group."

The UK-based company raised 129.3m [pounds sterling] from a sale and leaseback programme, 150m [pounds sterling] from a ten-year bond and also secured a 300m [pounds sterling] credit facility.

COPYRIGHT 2002 Agra Europe Ltd.
COPYRIGHT 2002 Gale Group