LONDON (Alliance News) - Meat retailer Crawshaw Group PLC Tuesday said it has bought East Yorkshire Beef Ltd, a business which operates a high-end butchers shop.
The company did not provide any financial details of the acquisition, but said that the newly acquired business gives it foothold in a completely different part of the market, the premium sector.
Crawshaw shares surged 11% to 40.90 pence Tuesday morning on the announcement.
"It provides both a well established retail store and a new supply chain which we could expand across other potential sites and online if we choose. Furthermore we believe there are operational synergies that can rapidly enhance the profitability of the acquired store," said Chairman Richard Rose in a statement.
For the financial year ended April 5, the Pocklington-based butchers shop in the east of York, generated revenues of around GBP1.1 million and a pretax profit of GBP22,000.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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