Innovative Bites CEO Vishal Madhu said that he was 'hugely excited about the two business' combined potential'.
In Europe, American food wholesaler Innovative Bites has acquired one of the UK’s oldest sweet businesses, Bonds of London, in “a multi-million pound deal” announced today.
The purchase in the first step in Innovative Bites long-term growth strategy to become the UK’s leading confectionery supplier, the company explained. The acquisition will see the headquarters of both companies retained – as well as all of the 150 combined staff – further diversifying Innovative Bites’ offering and its foothold on the UK confectionery market.
It is expected that the combined turnover of Innovative Bites and Bonds of London, which can trace its history back to 1895, will exceed £50 million this year.
Innovative Bites founder and owner Vishal Madhu said: “Bonds of London is one of the UK’s oldest and leading confectionery suppliers and its acquisition will significantly enhance the product offering and services to Innovative Bites customers.
“Over the years, both companies have established a deep-rooted culture of success based on winning products and industry-leading customer service, so together I believe the sky is the limit. The acquisition represents a win-win for both Bonds of London and Innovative Bites and we are all very excited about the future.”
Bonds of London managing director Philip Courtenay-Luck added: “This is a move that strengthens both businesses and will allow us together to better serve our customers’ needs.
“Innovative Bites’ imported American products combined with Bonds’ traditional sweet brands and highly respected multiple own-label supply service makes for a powerful combination and I am hugely excited about being part of this next phase.”
© FoodBev Media Ltd 2019
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