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Greencore Secures £15 Million Bolt-on Acquisition in UK Food to Go

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Greencore Secures £15 Million Bolt-on Acquisition in UK Food to Go

Greencore Secures £15 Million Bolt-on Acquisition in UK Food to Go
July 26
14:07 2016

British and Irish convenience foods producer Greencore Group has acquired The Sandwich Factory for a cash consideration of £15 million from Cranswick. The Sandwich Factory operates from a single facility in Atherstone, Warwickshire, where it produces a range of food to go products for distribution in the convenience store and food service channels. Net revenue from manufactured products in the financial year ended 31 March 2016 was £42 million.

The acquired business will extend Greencore’s presence in the high growth food to go category outside of its current core business with large grocery customers. The facility also offers an opportunity to modestly increase overall capacity across Greencore’s food to go network and will bring new capabilities in short-run, specialist product formats.

Patrick Coveney, chief executive of Greencore.

Patrick Coveney, chief executive of Greencore.

Patrick Coveney, chief executive of Greencore, says: “This acquisition makes strong strategic sense for Greencore, given our ongoing focus on the food to go market. The Sandwich Factory will extend our reach into customer channels in which we are currently under represented, notably convenience stores and the travel sector, and will also bring new product types into the Greencore portfolio. We are delighted to be adding more capacity to our manufacturing network, and to be welcoming new colleagues to our business.”

The sale is part of Cranswick’s strategy to focus on its core protein businesses. Cranswick’s activities are centred within the UK and include the processing and supply of fresh pork, sausage, bacon, cooked meats, premium fresh and cooked poultry, charcuterie and pastry products. Products are primarily supplied into the UK food retail, food service and food manufacturing sectors. Results for the year to 31 March 2016 showed revenues of £1.07 billion and profit before tax of £58.7 million.


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