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Real Good Food shares surge after securing GBP2.5 million funding

21st Nov 2022 11:56

(Alliance News) - Real Good Food PLC shares jumped 62% on Monday after it said it has secured GBP2.5 million in funding to supports its turnaround.

Shares in Real Good Food were up 62% at GBP1.70 each in London on Monday around midday.

The Liverpool-based food manufacturer said the new funding was provided by Hilco Private Capital for a 12-month term and supplements its existing GBP6.3 million facility with Leumi ABL.

The new funding is more than Real Good Food's market capitalisation of GBP1.7 million.

No new loan notes will be issued as a result, with the funding ranking behind the existing Leumi facility and ahead of the loan notes in security.

Real Good Food said the blended interest rate for third party funding is expected to be 12.1%, based on current market rates.

"We are delighted that new funding has been secured to support the radical reform of Real Good Food which is intended to reduce costs, protect revenues and preserve the inherent value of the group. With support from both customers and employees, we are making good progress on the required reforms and several major customers have already agreed to significant price re-sets," said Executive Chair Mike Holt.

By Greg Rosenvinge; [email protected]

Copyright 2022 Alliance News Limited. All Rights Reserved.

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