The chief executive of Yorkshire-based Anthony Alan Foods has joined the management team of Enterprise Foods in buying the company.
The chief executive of Yorkshire-based Anthony Alan Foods has joined the management team of Enterprise Foods in buying the company.
Tony Moloney, who has 15 years’ experience in the food industry, formed Moloney Ventures to complete the deal.
The transaction was backed by equity and a loan totalling £1 million from South Yorkshire Investment Fund (SYIF), with debt provided by GE Commercial Finance.
Moloney said the business is unique because of the number of suppliers and outlets it deals with on a daily basis, processing more than 14,000 invoices each week.
“If a customer has a site in Cornwall and another in Scotland, we can utilise our contacts to manage the delivery of products to those shops from a local supplier,” he added. “This will not only boost business in those areas but will, also reduce the carbon footprint associated with delivery.”
SYIF investment manager Steve Bell said Moloney and the business’ management are vastly experienced in the food industry and they will be instrumental in continuing the success of Enterprise Foods.
“Whilst Enterprise Foods has seen impressive growth over the last four years, the management team has identified a number of opportunities to extend the service into non-food sectors whilst, at the same time, extending the number of food sector customers.”
SYIF was advised on its investment by Tim MacLean of Keeble Hawson, who has acted on behalf of the fund for several years.
“It was an interesting transaction with the added complication of part of the group being based in Scotland,” MacLean said. “Despite the complexities the deal was pulled together within a relatively short timescale.
“The £1 million sum represented a large investment for our client in an expanding business, which required funding for both growth and expansion,” he added.
Enterprise Foods was established by David Beattie in 1994 and today has a turnover of more than £27 million.
Anthony Alan Foods is a supplier of low-fat cakes sold under the Weight Watchers brand.
