Management buyout of Glendale Foods Limited completed
Glendale Foods Limited has undergone a partial shareholder buyout leaving full control to management.
Paul Burkitt, managing director, and Mark Jones, operations director, have assumed full control of Glendale, after the purchase of the remaining shares in the Company from founding shareholders John Mortimer, Chairman, Gill Mortimer and Pam Mortimer, for an undisclosed sum.
Glendale, founded in 1982, specialises in processing meats, cooked components, vegetables and flour based products for sale into retailers, wholesalers, food manufacturers, airlines and restaurant groups both in the UK and abroad. It is hoped the move will help company grow as it enters the next stage of development. Last year turnover was a record £20m and today Glendale employs around 200 staff.
Paul Burkitt, managing director at Glendale, said: “This is an exciting period for Glendale and this transaction represents the next phase in our development. Glendale’s success is based on a platform of product innovation, customer relationships and service, working closely with our client base to produce new and exciting products. We look forward to building on the existing customer base to further drive growth and capabilities.”
John Mortimer, exiting chairman, added: “Mark and Paul have been running the business alongside me since 2007 during which time we have overcome the operational difficulties arising from the major fire in July 2012. The company is now in a great position with a state of the art production facility and an enviable customer base. I am confident that the company will thrive under the stewardship of Mark and Paul and wish them every success.”
Martyn Rickels of FRP Advisory LLP, the national advisory practice, who advised on the transaction, added: “We’re delighted to have supported the team through this transaction. The company has performed strongly over recent years and is poised to capitalise on the recent operational investments. The transaction further demonstrates FRP Advisory’s commitment to supporting owner managed businesses through strategic changes.”
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- full control
- glendale foods
- shareholder buyout
- Paul Burkitt
- John Mortimer
- Gill Mortimer
- Mark Jones