16 April 1999
Booker’s banks agree £700m refinancing

TROUBLED food distribution group Booker has agreed £700 million in refinancing with its banks to allow the company some relief on a debt that has now reached £500m.

Stuart Rose, chief executive, said talks were progressing to sell its food service business, which is worth over £100m.

Discussions were also continuing on the sale of the Arbour Acres chicken business.

Booker reported a £71m loss in the full year to December after £94m of exceptional charges.

The company said it expected to incur a further £50m of charges in the current year.

These relate to losses on the £4m disposal of its Booker Wholesale Foods operation.