Liverpool-based food group Real Good Food has acquired a majority interest in a Welsh snack bar manufacturer, whose products are sold in major retailers and health stores, in a £9m deal.
Brighter Foods creates and manufactures snack bars for the healthy snacking market. It employs about 170 staff at its factories in Tywyn in Gwynedd.
The business makes both branded products for partners as well as its own brands such as Wild Trail.
Pieter Totté, executive chairman of Real Good Food, said: “Brighter Foods fits well into our strategy to consolidate profitable well run businesses in niche areas of the food manufacturing industry. Robin and his team have achieved fantastic growth and stability in the business and we are looking forward to continuing the success story.
“Real Good Food investment will enable Brighter Foods to expand and improve its capacity and product range even further. We are excited about the future prospects.”
Real Good Food has acquired an 84.33 per cent interest in the business for a consideration of £9m. this will be paid in two instalments with 50 per cent on completion and 50 per cent upon finalisation of the company’s 2017/18 audited accounts.
The senior management of Brighter Foods will retain a 15.67 per cent stake and Robin Williams will remain as chief executive.
Williams said: “I have known Pieter for years and have worked with members of his team previously and I’m very pleased to be doing so again. They share our vision to invest in the business and to grow it further from the strong base we have established.
“I’ll be staying as chief executive and together we have already agreed a headline plan to continue growing our manufacturing facilities in Tywyn.”
By Stephen Farrell
Source: Insider Media
Recent reports reveal The Body Shop will shut up to half of its 198 stores in the UK and cut the size of its head office, incurring hundreds of job losses. According to the firm overseeing the restructuring of the beauty retailer, closures will begin this Tuesday.
Amidst brewing tensions, the US Federal Trade Commission (FTC) and a coalition of states are poised to take legal action as early as next week, aiming to prevent grocery giant Kroger’s $24.6 billion acquisition bid for Albertsons, Bloomberg reported.
The owner of Guinness and Baileys has hired financial service group Rothschild to explore the sale, which includes Pimm’s, fruit liqueur brand Safari and Pampero rum. Each brand could be offloaded individually or as a three, according to Sky News.