AIM-listed Real Good Food announces plans to raise £1m

Food producer Real Good Food plc has revealed plans to raise up to £1m through an open offer.

The AIM-listed company, headquartered in Tower Hamlets, will use the investment for additional working capital.

Real Good Food confirmed it is also looking to take on two “appropriately qualified and experienced” new non-executive directors.

Hugh Cawley, chief executive of Real Good Food, said in a statement: “Having recently completed our new financing arrangements with the company’s three major shareholders [Napier Brown Holdings, suger firm Omnicane and certain funds of Downing LLP] the board recognised the importance of enabling all shareholders to participate in the refinancing of the company and is therefore intending to launch the open offer accordingly.”

Real Good Food’s diversified food business serves several market sectors, including retail, wholesale, manufacturing and export.

It focuses on three main markets – cake decoration, through its Renshaw and Rainbow Dust Colours arms; food ingredients, via its R&W Scott and Brighter Foods businesses; and premium bakery, with the Haydens and Chantilly Patisserie brands.

In September 2016, the company expanded in the US by launching a new subsidiary, Renshaw Americas.