FDBusiness.com

Polestar Foods Sold to Privet Capital

 Breaking News
  • Danone Investing €280 Million at Evian Production Site Danone has opened a state-of-the-art production facility at Evian-les-Bains in the French Alps to support the future growth of evian, the international water brand that is sold in more than 140 countries. After six years of construction and transformation, the new look site combines greater operational efficiency, new technology and the highest quality processes with [...]...
  • European Grocery Shoppers Become Digital Infoseekers as Cost of Shopping Continues to Rise According to a survey of European shoppers by IRI, the big data and technology expert for consumer industries, the increasing use of the Internet, particularly via smart phones, is helping shoppers to find information on promotions and offers that will help them reduce the cost of their grocery shop. The survey, which was conducted among shoppers [...]...
  • California Almonds Continue to Inspire New Products Worldwide New data from Innova Market Insights reveals that California almonds were the number one nut used in new products worldwide in 2016, the tenth year that almonds have held the lead position for nuts used in new product introductions. According to the Innova Global New Products Report, almonds were featured in 38 percent of new [...]...
  • Premium Shelf Presentation – Marel Linerless Wraparound Labeler Consumers feel much more tempted to buy poultry meat products when trays are attractively packed and labeled. It is therefore of high importance to present a premium presentation. The new Marel M360 labeler will provide wrap-around labels with great shelf impact. Marel’s M360 standard wrap-around labeler makes use of the latest technologies in flexible linerless labeling. [...]...
  • Springhill Farms Upgrade – Biomethane to the Grid and CO2 to the Tomatoes In the heart of the English countryside, Springhill Farms makes the very most of agricultural waste. Upgraded biogas is injected into the national gas grid, while the carbon dioxide (CO2) by-product goes straight to the farms’ tomato greenhouses. The gas produced during anaerobic digestion consists roughly of 60 percent methane and 40 percent CO2. Until recently, [...]...

Polestar Foods Sold to Privet Capital

Polestar Foods Sold to Privet Capital
December 02
15:20 2010

UK frozen desserts manufacturer Polestar Foods has been sold to Privet Capital, the turnaround investor, for an undisclosed sum. Privet’s investment in Polestar has prevented the immediate collapse of the company and has secured 255 jobs. It has also been working closely with Polestar’s management and has identified strategies to assure Polestar’s long term future.

Polestar was established in November 2009, following the acquisition of two frozen desserts businesses in Leamington, Warwickshire, and Okehampton, Devon, from Heinz UK. Polestar is now being restructured to consolidate its operations into its Okehampton Desserts subsidiary. KPMG has been appointed as administrator for its Leamington Desserts subsidiary.

Privet’s investment in Polestar will accelerate the turnaround of the company with the ambition of significantly growing its Okehampton flagship site over the next 24 months.

Ian Astley, a director of Privet, says: “Privet’s investment will support Polestar’s working capital requirements at Okehampton. It will also provide the Company with a renewed focus, increased financial strength and a clear strategic plan, thereby ensuring that the Company is well placed to continue as one of the UK’s leading manufacturers and providers of frozen desserts for many years to come.

Privet specialises in arranging capital investment for companies experiencing financial stress. Typical situations are where companies are underperforming, over-geared, have liquidity issues, or nearing or already in administration and needing both operational and financial input. Typical investments range between £1m and £10m in companies across a range of sectors in the UK with £10m-£200m turnover.

About Author

colin

colin

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • September 22, 2017Global Summit on Food & Beverages
  • September 26, 2017FHM2017
  • September 26, 2017POWTECH
  • October 7, 2017ORGANIC TRADE FORUM 2017 (Anuga)
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber





Subscribe Here



Advertisements