7th Feb 2020 16:54
(Alliance News) - Turnaround investment fund Volvere PLC said Friday it will acquire the assets of desserts manufacturer Indulgence Patisserie Ltd, which is currently in administration, for GBP1.3 million in cash.
The trading assets will be held in a subsidiary of Volvere, which will trade under the name Indulgence Patisserie, while the property assets will be held in a separate subsidiary.
Indulgence's pretax loss for the eight months to the end of December was GBP230,000, on revenue of GBP3.3 million.
"We are delighted to be making this investment in a well-known, highly-regarded desserts manufacturer. As well as offering the customers of both Indulgence and Shire Foods a broader product portfolio, the investment strengthens Volvere's manufacturing base. We are looking forward to working with Indulgence's customers and staff and building on their progress to date," said Chief Executive Officer Jonathan Lander.
Shares in Volvere - which is based in London - closed up 9.3% at 1,240.00 pence on Friday.
By Dayo Laniyan; [email protected]
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