H&B Foods, a wholesaler and processor of cheese products and speciality foods, has been sold in a management buy-out after its parent company, Novel Group, went into administration.
H&B Foods, a wholesaler and processor of cheese products and speciality foods, has been sold in a management buy-out after its parent company, Novel Group, went into administration. The deal puts the founding management team back in control of the business less than three years after joining Novel Group.
The buy-out was jointly funded by the management and Straumur Burdaras Investment Bank.
The London-headquartered company is the largest speciality foods wholesaler and supplier in the UK, with a turnover of £76.3 million. Its customers include retailers Harrods, The Ritz, Pret A Manger and several five-star hotels and restaurants.
EMC Corporate Finance chief executive Nik Askaroff and finance specialist Terry Rainback advised the management team, helping them negotiate and agree a major financial restructuring of the company.
Rainback said: “Difficulties surrounding the financial position of the holding group were causing serious and unnecessary disruption to the trading companies and, unless corrected, could have completely undermined their operations.”
He added: “We are delighted to have been able to negotiate new terms to enable the business to move forward positively.”