Goswell supplies a range of branded speciality breads (including Vogel and Cranks) to a number of major UK supermarkets, its largest customers being Sainsbury’s and Waitrose. Sales for the year to October 2008 were £5.4m, and pro forma Ebit for the same period was £0.4m.
The consideration is made up of an initial payment of £0.5m. The remaining £1.7m will be paid in instalments over the next four years.
Martin Lightbody, chief executive of Finsbury Food Group, said: “We’re pleased to welcome Goswell into the Finsbury family, enabling us to expand our speciality bread offering. Although the current economic climate remains challenging, we’re committed to making appropriate investment in our business and are delighted to be able to take advantage of opportunities such as this one.”
Colin Lyons, MD of Goswell Bakeries Limited, said: “We’re pleased that Nicholas & Harris is taking over control of the Vogel’s, Cranks, Doves Farm and Caribbean Cuisine brands, and we’re certain that these brands will grow in strength under their stewardship.”
Source: Finsbury Food Group plc
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