1 Mar 2018 07:00
Date: | 1 March 2018 |
On behalf of: | Finsbury Food Group Plc ('Finsbury', 'the Company' or 'the Group') |
Embargoed until: | 0700hrs |
Finsbury Food Group Plc
Purchase of Freehold Property
Finsbury Food Group Plc (AIM: FIF), a leading UK speciality bakery manufacturer of cake, bread and morning goods for both the retail and foodservice channels, is pleased to announce that it has purchased the freehold property of its Lightbody factory in Hamilton, Scotland. The property covers c. 133,000 square feet and has been occupied by the Group for over 15 years.
The total purchase price is expected to be c. £2.6 million, including costs, and will be financed from existing cash resources available to the Group.
Following the purchase, the Group will own the freehold of the whole facility in Hamilton, plus both of its other major sites, in Cardiff and Sheffield.
For further information:
Finsbury Food Group John Duffy (Chief Executive) Steve Boyd (Finance Director)
| www.finsburyfoods.co.uk | 029 20 357 500 |
Cenkos Securities Bobbie Hilliam (Corporate Finance)
| ||
Alma PR Rebecca Sanders-Hewett Sam Modlin
| finsbury@almapr.co.uk | 0203 865 4219 |
Notes to editors:
· Finsbury Food Group Plc (AIM: FIF) is a leading UK manufacturer of cake and bread bakery goods, supplying a broad range of blue chip customers within both the grocery retail and 'out of home eating' foodservice sectors including major multiples and leading foodservice providers.
· The Company is one of the largest speciality bakery groups in the UK and, with its Overseas division, has sales in the financial year ending 1 July 2017 exceeding £300m.
· The Company's bakery product range is comprehensive and includes:
o Large premium and celebration cakes.
o Small snacking cake formats such as cake slices and bites.
o Artisan, healthy lifestyle and organic breads through to rolls, muffins (sweet and savoury) and morning pastries, all of which are available both fresh and frozen dependent on customer channel requirements.
· The Company is one of the largest ambient cake manufacturers in the UK, a market valued at over £944 million (source: Symphony IRI, 52 w/e 6th January 2018). The annual retail bread and morning goods market has a value of £3.8 billion (source: Kantar Worldpanel 52 weeks to 31st December 2017). The UK foodservice bread and morning goods bakery sector is worth approximately £836 million per annum. The UK foodservice cake and sweet treat bakery sector is worth approximately £494 million per annum (UK foodservice data derived from NPD Crest 52 w/e 30th June 2017).
· The Company comprises a UK Bakery division and an Overseas division:
o The UK Bakery division has manufacturing sites in Cardiff, East Kilbride, Hamilton, Salisbury, Sheffield and Manchester.
o The Overseas division comprises the Company's 50% owned company, Lightbody Stretz Ltd, which supplies and distributes the Group's UK-manufactured products and third party products, primarily to Europe.