LONDON (Alliance News) - Real Good Food PLC on Friday said it completed the sale of RGF Patisserie Ltd to its management team for GBP200,000 in cash.
The company, sold the business, trading as Chantilly Patisserie, in order to focus "its full attention and resources" on growing its core Cake Decoration and Ingredients businesses.
The company will receive GBP100,000 on completion of the sale and further GBP50,000 on each of the first two anniversaries of the sale.
Real Good Food said that Chantilly has been producing frozen desserts for 20 years. For the year ended March, it generated GBP2.4 million of revenue and incurred a pretax loss of GBP320,000.
Real Good Food shares were untraded at 6.0 pence each.
