Interpath Advisory has advised David Wood Baking (DWB) on raising bespoke term debt and revolving asset finance facilities from Barings and Leumi ABL.
DWB is one of the UK’s leading manufacturers and distributors of artisan breads, ready meals, and sweet and savoury pastry products. The Leeds-based business, which was founded by David and Karen Wood in 2008, supplies a range of blue-chip customers across the UK supermarket and high street food retailer market.
The new financing will support the stabilisation of DWB and the rescaling of production following the total loss of one of its eight UK production facilities following a fire in September 2023. The business took rapid action after the fire destroyed its Dudley Bakery site to roll out production at alternative DWB sites. This prompt action protected and gave certainty to its employees, customers and suppliers.
A multidisciplinary team from Interpath advised the Company on the refinancing. The team was led by Managing Director Chris Hall from the firm’s debt advisory practice alongside Tom Swiers, the firm’s head of food and drink in the UK.
David Wood, Chairman and Chief Executive at David Wood Baking, said: “Since the catastrophic fire at Dudley, we have been working tirelessly to preserve and recover our business. We have been genuinely humbled by the fantastic help, support and kindness given to us from all our employees, customers, suppliers, and wider stakeholders of the business. The fantastic teamwork we have experienced from everyone involved has enabled us to make amazing progress in returning the business back to normality quickly. Our advisers at Interpath have guided us through this process as we sought solutions that would support us in our recovery, and also enable us to look forward with confidence to continue with our growth ambitions.”
Chris Hall, Managing Director in the Debt Advisory practice at Interpath, said: “David Wood Baking's Team has an unwavering commitment to its customers and a real conviction in delivering quality product - which has underpinned this refinancing. It has been a pleasure to work alongside DWB, Barings and Leumi ABL to deliver this bespoke financing which provides the Company with the stability and flexibility to deliver its recovery and continued growth.”
Tom Swiers, Head of Food and Drink at Interpath, said: “UK food and drink producers have faced significant volatility in recent years, but their resilience is testament to the incredible people behind them in the board room, in the back office and on the factory floor. There is no greater destabilising event than a factory fire, and the team at DWB’s ability to stabilise production with customer needs protected alongside achieving this refinance is testament to a quality team and business.”
