Tag Archive | "management buyout"

£5.6 Million Management Buyout at Lees Foods


Scottish bakery and confectionery company Lees Foods is the subject of a £5.6 million management buyout, which will take the business private. Lees Foods is the parent company of Lees of Scotland and the Waverley Bakery, two Scottish companies that have a long tradition in the manufacturing of confectionery products that have been enjoyed by consumers in the UK and overseas for many years. Lees Foods has been listed on AIM since June 2005.

The management, headed by chief executive Clive Miquel and other directors, is conducted the deal through buy-out vehicle Randotte. The management of believes that the proposal to return the company to private ownership is in the best long-term interests of the business.

Lees Foods currently employs 270 people across its factories at Cambuslang and Coatbridge. Despite escalating raw materials costs, Lees Foods has managed to increase pre-tax profits from £379,000 in 2008 to just under £1 million in 2010 with 2011 profits expected to be well ahead of analysts’ forecasts of £900,000.

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UK’s Oldest Gin Distiller Sold


G&J Greenall, the UK’s oldest gin producer, has been sold for £7.5m by De Vere Group to a private equity backed management buyout team. Based in Warringtonand with annual sales of £46m in 2010, G&J Greenall is celebrating its 250th anniversary this year.

 

G&J Greenall produces over 50% of the UK’s own label gin and vodka plus branded gins and vodka. The distiller recently launched its portfolio into the US market.

 

“Never before have we been more focused on our branded portfolio of products alongside our third party bulk and bottling contracts,” says Christian Rose, chief executive of G&J Greenall. “The move is intended to strengthen the position of G&J Greenall as one of the UK’s leading distillers of quality spirits and indeed, the future of the entire business overall. We will be working closely with the current management and new investors to continue our recent growth and capitalise on our innovations in both the on and off trade.”

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Management Buyout Speculation at Green & Black’s


Management at Green & Black’s, the UK-based organic chocolate manufacturer, are reported to be seeking a buy-out of the business from owner Kraft Foods. The US food group acquired Green & Black as part of its £11.7b takeover of Cadbury last year.

Founded by entrepreneur Craig Sams in 1991, Green & Black’s was sold to Cadbury for £20m in 2005. Green & Black’s has an annual turnover of about £40m compared to Kraft’s UK chocolate sales of £1b.

However, in response to media speculation, Kraft Foods has said that it has no current plans to sell Green & Black’s. “Here in Europe, we will continue to invest behind growing and optimising the entire chocolate portfolio,” says Michael Clarke, president of Kraft Foods Europe.

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Dairy Consolidation in Scotland


Graham’s, Scotland’s leading independent dairy company, is acquiring Claymore Dairies for an undisclosed price. Claymore Dairies was sold earlier this year by Arla Foods and North Milk Co-op to a management buyout also for an undisclosed sum.

The acquisition of Claymore will increase Graham’s annual turnover to about £50m

And the enlarged business will employ more than 400 people.

“Since the buyout, we have had several meetings with Graham’s. During that period, it has become increasingly clear that there would be significant benefits by putting the businesses together,” explains Ian Larg, managing director of Claymore Dairies. “Graham’s’ diversity and greater market position will be a major benefit to Claymore going forward. This will lead to greater security for the dairy, its staff and supplying dairy farmers.”

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