A £43 million investment and growth funding package has been secured by Crick-based pet food brand Butcher’s Pet Care.
The deal will enable the management team to deliver its extensive plans for the business which was established in the 1980s by Graham Baker.
Since then, it has grown in to one of the UK’s most recognisable brands in the competitive pet industry.
Chief executive Tim Watsham said: “The deal marks a significant and exciting step for the business. The executive team were clear that the company must continue to invest in our brand and manufacturing capabilities as well as our new product offerings, including our fast-growing cat food brand, Blink!.”
Butcher’s Pet Care was seeking new funding to refinance its existing facilities and raise additional growth capital to support the delivery of the business plan and proposed capital investment.
In partnership with mainstream lender Secure Trust Bank and Blazehill Capital the parties structured a funding package totalling £43 million, consisting of a £25 million revolving credit facility and an £18 million non-amortising bullet repayment term loan.
Tom Weedall, managing director of Blazehill Capital, said: “We are providing a funding solution to support the Butcher’s management team in the delivery of their plan. Our creative structure generates significant liquidity, which now allows the company to accelerate its growth trajectory and cement its market leading position.”
Butcher’s has shown a long-standing commitment to investment in its brands which started at the family run butchers in Rugby in response to high demand for tripe.
The manufacturer’s growth included a £38 million extension to its factory in Crick in 2012 which created 50 jobs at the time. This enabled the company to increase its manufacturing operations to meet growing demand for its products across Europe with later expansions to enable ongoing development.