Debt package sweetener for Broderick’s Handmade Desserts

THE Broderick family, who tapped Declan Ryan’s Irelandia Investments to fund a buyout of its confectionery snack company from a private equity backer, has agreed a new debt package with a specialist UK lender.

Documents filed in the Companies Office show that Ina’s Kitchen Deserts, which trades as Broderick’s Handmade Desserts, has raised finance from Fiduciam, a London-based property lender.

The new facility is secured on the company’s bakery in Tallaght and the proceeds will be used to repay Irelandia and Ulster Bank, the company’s long-time secured lender.

The Brodericks were engaged in a protracted dispute with Development Capital over the control of the confectionary business, which led to director Barry Broderick filing a petition to have an examiner appointed to the company.

Development Capital originally took a large minority stake in the company to fund its expansion.

It became majority owner in 2019 after mounting losses prompted it to convert shareholder loans into equity.

The move led to a serious breakdown in relations with Broderick, whose mother Ina, had founded the

business.

Broderick accused Development Capital of seizing control.

The private equity company put the business up for sale and the family raised €3m from Irelandia, clients of wealth manager Kevin Warren and accountant Pat Burke to buy back the company.

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