Bakery innovation

Delice de France secures management buyout to ‘innovate & grow’

By Jenny Eagle

- Last updated on GMT

Delice de France to become independent baker. Photo: Delice de France @FaceBook.
Delice de France to become independent baker. Photo: Delice de France @FaceBook.

Related tags Bakery Cakes Finance

Delice de France bakery specialist has secured a multi-million pound eight-year loan to complete a management buyout from parent company Aryzta to become an independent baker.

Delice de France is the largest specialist manufacturer and distributor of premium frozen bakery products in the UK.  

'Bold move'


The company has a reputation as a leading supplier of continental, ready-to-bake specialities sourced from across Europe and has received numerous awards for its products. 

The loan from SME credit specialist Caple will allow Delice de France to become ‘an independent force driving standards in the food and beverage industry’, said Thierry Cacaly, managing director, Delice de France.   

This bold move represents an outstanding milestone in the company’s 35-year history, enabling the business to continue to deliver quality products, to innovate and grow​,” he said.  

We have a passionate, focused and well-seasoned leadership team who are dedicated to our customers by finding new ways to serve them. As well as supporting our colleagues through continuous development​.”  

Caple is the UK’s first firm to offer access to unsecured lending based on the future cash flows of the business. It requires no collateral or personal guarantees as security.  

Loans originated through Caple can also sit alongside existing bank lending, meaning firms can access more funding than they would to be able to access from their bank alone.  

Delice de France will retain its working capital facility with NatWest without the need for inter-creditor arrangements. 

Unsecured lending

Dominic Buch, managing partner and co-founder of Caple, said options for unsecured debt are limited in the UK. This creates a barrier to growth and ownership, and may push businesses to needlessly issue equity in their business. Few businesses completing an MBO want to consider that option. 

Our deal demonstrates how unsecured lending can form part of a blended finance package and support ambitious businesses and management teams​,” he added. 

Caple originates loans through a local partner network of accountancy and business advisory firms. Jason Metcalf, managing director at corporate finance firm Park Capital, advised Delice de France. 

It was a pleasure to work with the team at Caple in putting together funding to finance the MBO of Delice de France​,” said Metcalf. 

The loans Caple facilitates are part of BNP Paribas Asset Management’s SME Alternative Financing direct lending platform, which enables SMEs to access funding from institutional investors.  

BNP Paribas Asset Management aims to provide €1bn ($1.1bn) per year in funding to SMEs across Europe.

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