Finsbury subsidiary acquires Goswell
June 18, 2009
by Eric Schroeder
LONDON — Nicholas & Harris Ltd., a subsidiary of London-based cake and bread maker Finsbury Food Group P.L.C., has acquired Goswell Enterprises Ltd. for £2.2 million ($3.6 million) in cash. Goswell supplies a variety of branded specialty bread products to many of the United Kingdom’s largest supermarkets, including Sainsbury’s and Waitrose. The company’s brands include Vogel, Cranks, Doves Farm and Caribbean Cuisine.
As part of the acquisition, Nicholas & Harris will make an initial payment of £500,000, followed by installments paid out over the next four years for the remaining £1.7 million.
"We are pleased to welcome Goswell into the Finsbury family, enabling us to expand our specialty bread offering," said Martin Lightbody, chief executive officer of Finsbury Food. "Although the current economic climate remains challenging, we are committed to making appropriate investment in our business and are delighted to be able to take advantage of opportunities such as this one."
Nicholas & Harris Ltd. produces premium, organic and specialty bread.