Privet Capital has acquired the frozen desserts business Polestar Foods in a deal that will prevent the collapse of the company.
Investment company Privet Capital has acquired the frozen desserts manufacturer Polestar Foods in a deal that will prevent the collapse of the company and has secured 255 jobs.
The acquisition, which was for an undisclosed sum, was funded by Centric Commercial Finance.
Polestar is currently being restructured to consolidate its operations into its subsidiary Okehampton Desserts, while the accountancy firm KPMG has been appointed as administrator for its Leamington Desserts subsidiary.
Ian Astley, a director of Privet, comments: ‘Privet’s investment will support Polestar’s working capital requirements at Okehampton. It will also provide the company with a renewed focus, increased financial strength and a clear strategic plan.’
Warwickshire-based Polestar was established in 2009 following the acquisition of two frozen desserts businesses from Heinz, backed by Bank Leumi and Leumi ABL.
Privet Capital typically invests between £1 million and £10 million in UK companies across a range of sectors that are experiencing financial stress, and which have a turnover of between £10 million and £200 million.