Leading Refinancing & Merger for the UK’s 4th Largest Dairy

The Challenge: Navigating Financial Uncertainty & Securing Stability

In August 2020, David Bateman joined Medina, the UK’s fourth-largest dairy, as Interim CFO. The business was facing financial instability, heightened by the challenges of Covid and low margins. His mandate was clear—lead a critical refinancing process to stabilise the company and help position it to review strategic options including a potential merger.

Key challenges included:

Urgent refinancing needs to ensure continuity of trading.
Managing lender relationships, including transitioning from incumbent lenders.
Operational efficiency improvements to optimise costs and maintain effectiveness.

The Solution: Strategic Refinancing & Financial Leadership

Over almost two years, David worked closely with the company’s leadership team, delivering key financial and operational improvements:

🔹 Successfully led a complex debt funding process, working with corporate finance advisors to secure new funding and exit incumbent lenders.
🔹 Implemented an "amend & extend" agreement on an existing facility to buy time and maintain liquidity.
🔹 Managed the transition of Clearing Banks from NatWest to Barclays, overseeing cash management throughout the business.
🔹 Improved financial reporting and visibility, introducing a new KPI Flash Report to share critical financial insights.
🔹 Led financial communications, presenting regular updates at Management and Board meetings.
🔹 Managed year-end processes with external auditors, ensuring compliance and financial integrity.
🔹 Worked with HR on cost-saving efficiencies, restructuring roles while maintaining operational effectiveness.
🔹 Oversaw the financial aspects of mothballing of a major milk processing site, exploring repurposing options for the facility and workforce.

The Outcome: A Stabilised Business & Successful Merger

Through strategic refinancing and operational improvements, David successfully stabilised Medina, allowing the business to continue trading and, ultimately, to fully prepare for completion of a merger in mid-2022. His leadership provided the financial clarity and structural efficiencies needed to support long-term success.

Key Results