Findus gets cash infusion

Findus Group and its bankers have agreed a major restructuring resulting in a GBP 220 million cash injection for the seafood group.

The owner of the Young’s Seafood brand claimed the refinancing would both strengthen Findus’s balance sheet and give the company “an appropriate capital structure from which to grow and develop.”

An investor group including Lion Capital, Highbridge Capital, JP Morgan and Northwest Mutualput up the cash, GBP 125 million of which will be used to repay senior debt, while GBP 25 million will be retained on the balance sheet as cash and an additional credit facility worth GBP 70 million also provided.

Findus chief executive Chris Britton said the completion of the restructure meant the company could be “excited for the future.”

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