Newry-based food-to-go (FTG) manufacturer Around Noon has acquired London-based FTG business The Soho Sandwich Company to create an enlarged group with 800 employees and revenues of over £80 million per annum.
Details
The acquisition of The Soho Sandwich Company adds more than 300 employees to Around Noon's headcount, as well as a new north London production facility, and a range of new blue-chip clients.
The Soho Sandwich Company will continue to operate under its own brand within the Around Noon Group and will continue to service its existing multi-sector portfolio of customers across food service, retail, events and hospitality.
The company will also continue to be managed by its existing MD, Daniel Silverston, who announced the deal in London.
Around Noon completed the acquisition with support from Barclays Bank. Around Noon was advised on the deal by 3Volution, Sentio Partners, KPMG and Parisi Tax. The Soho Sandwich company was advised by Sherrards and WMT.
Statements
Gareth Chambers, CEO of Around Noon Foods, said that the acquisition will cement the group's position as a leading national supplier of premium FTG products.
Chambers said, "We've been admirers of The Soho Sandwich Company for some time. The business has a strong reputation for quality, excellence and innovation. This represents a fantastic opportunity for all involved due to the incredible alignment in terms of our values and core purpose."
Howard Farquhar, Around Noon chairman, added, "This deal will enable Around Noon to continue to scale and grow and moves the business closer to its £100 million revenue target. This deal is the third acquisition to have occurred since Gareth and I completed the MBO in 2016. It is also a significant opportunity for the team at The Soho Sandwich Company and their existing customers."
Silverston said, "Around Noon is in our view one of the most innovative and exciting FTG companies in the UK. The opportunity to become part of the Around Noon Group is a huge win for our business. There are great synergies in terms of ambition and culture and the move is extremely beneficial, for our team and our customers."
Read More: Food-To-Go Firm Around Noon Investing Over £500k To Quadruple Size Of Its Bakery
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