A team of Birmingham professionals have set up a £5 million refinancing deal they hope will turn a dairy into a European powerhouse.
The group from various legal and financial offices in the city facilitated the refinancing deal for Delamere Dairy, which plans to expand across the continent. And the financiers said the deal showed there was still plenty of positive business activity happening in the region despite the economic downturn.
Cheshire-based Delamere specialises in goats milk, cheese and yoghurt products, and wanted to raise the development capital in order to take advantage of opportunities in the market.
BDO Stoy Hayward acted as sole adviser on the deal. The Co-operative Bank’s Birmingham office and GE Commercial Finance provided the development capital and funding support.
Adrian Jones, a partner at the firm’s Birmingham office, said: “Deals like this instil confidence in the business community and prove that banks are still willing to lend in the current climate. Delamere has an impressive client base and is a trusted brand within the industry. The financial assistance that they have received will no doubt have a significant impact on their business growth.”
Delamere was set up 20 years ago by husband and wife team Roger and Liz Sutton. Mrs Sutton, now joint managing director, said: “We have worked tirelessly over the past 20 years to establish our products and build a brand that people can trust. We work hard to make sure our animals are kept in the very best conditions to enable them to live happy lives and produce excellent quality milk.
“Our aim is to expand our product ranges and strengthen our presence in markets across Europe.”
Steve Taylor, business development manager for the Co-operative Bank’s corporate banking centre said: “The deal is great news for everyone at Delamere Dairy, which now has the capital to expand and grow their already successful business. This deal shows that despite the economic situation, we are still supporting businesses in the area that have opportunities for growth.”
Drew Johnson, regional director for GE Commercial Finance added: “The announcement of this deal spells great news for Delamere and for the professional services community in the region.” Legal advice to Delamere was provided by Mark Gibson, corporate partner at the Birmingham office of Cobbetts, who said: “Delamere Dairy is an interesting business with the ambition and capability to become a major player in this market.”