Go2 Foods, a newly established business founded by experienced food industry executives, has acquired The Real Yorkshire Pudding Company (RYP) from its founder Paul Holmes.
The deal is a combined buy-in buyout as Charles Payne, the managing director of RYP, is maintaining his shareholding and re-investing in Go2/RYP, and will continue to run RYP.
The Real Yorkshire Pudding Co produces about 100 million puddings per annum from its 43,000 sq ft factory in Thorne, near Doncaster.
Go2 Foods’ directors are Glisten founder Paul Simmonds and Rob Davies, both . Simmonds is chairman of Go2 and RYP following the acquisition.
Charles Payne said: “We have had a good year and a great Christmas trading and we all believe that we can now go on and release the potential we all know exists in this business – particularly through broadening our product offering, innovating more in areas like gluten-free, creating a broader puddings range, and really becoming a player in the foodservice market.”
Paul Simmonds added: “We formed Go2 because we saw a great opportunity to work alongside Charles and his team to build on a high-quality platform which was already producing really good product, providing excellent customer service, and with the beginnings of a free-from offering in meal-solutions. We hope to grow both Go2 and RYP organically and through acquisition in the years ahead. RYP is a great start to our new venture.”
Go2 Foods and RYP will now be banked by HSBC’s corporate team led by relationship director Tom Sikora.
Financial due diligence was undertaken by Brown Butler, led by Geoff Thomas. Adrian Ballam at Schofield Sweeney acted for HSBC.
A team of corporate lawyers from the Leeds office of law firm Eversheds, led by partner Robin Skelton and including senior associate Jonathan Pollard and associate Becky Ashurst, advised GO2.
By Laurence Kilgannon
Source: Insider Media
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