Wells Fargo finances biscuit-maker

Wells Fargo’s private credit arm has extended a credit facility to biscuit and snacks producer Burton’s Biscuits.  

Wells Fargo Capital Finance UK has acted a lead arranger for a credit facility extended to Burton’s Biscuits. Terms of the facility could not be determined by time of publication.

The facility will be an asset-based. It will be used to fund the firm’s ongoing capital requirements, a Burton’s Biscuits company announcement noted.

The deal represents the third financing facility extended by Wells Fargo to UK businesses in quick succession.

The firm provided a credit facility to dairy-producer First Milk last month. In January, the firm boosted electronics-retailer Maplin. Both of the credit facilities extended to these borrowers are also asset-based facilities.

Burton’s Biscuits, bought by Ontario Teachers’ Pension Plan in November 2013, manufactures biscuits and snacks in four UK locations. In August 2016 the company sold its license to manufacture biscuits under the brand of confectionary-giant Cadbury. The deal, which saw the license sold to Cadbury’s owner Mondelez International, was worth a reported £200 million.

A spokeswoman for Wells Fargo did not respond to requests seeking further comment by time of publication.