10th Feb 2016 09:37
LONDON (Alliance News) - Real Good Food PLC on Wednesday said its subsidiary Haydens Bakery Ltd has bought Chantilly Patisserie for GBP1.8 million using existing cash resources.
Chantilly Patisserie is based in Devon and produces handmade frozen desserts. It will be run as a trading division of Haydens and will complement Haydens' offering extremely well, Real Good Food said.
In the year ended March 2015, Chantilly made sales of GBP2.5 million and earnings before interest, tax, depreciation and amortisation of GBP0.5 million. In the nine months ended December 2015, it made sales of GBP2.2 million and Ebitda of GBP0.4 million.
"The acquisition of Chantilly opens up a new channel for us as they have already impressively established themselves as a supplier of quality products to the important and growing food service sector," Chairman Pieter Totté said in a statement.
"We will continue to identify and complete bolt-on acquisitions as we seek to reach greater scale within our three pillar markets of cake decoration, food ingredients and in this case premium bakery. As we are clearly demonstrating, acquisitions will enhance our offering by targeting new sectors, product lines and geographies, as well as being earnings accretive," he added.
Shares in Real Good Food were trading flat at 41.00 pence on Wednesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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