Finsbury Foods earns its bread and butter in Goswell acquisition
BAKER Finsbury Foods yesterday announced it taken another bite out of the bread market, acquiring rival Goswell Enterprise for £2.2m.
Finsbury Food’s subsidiary bread making unit, Nicholas & Harris, has snapped up Goswell, whose brands include Vogel’s, Cranks, Doves Farm and Caribbean Cuisine. Goswell last year reported earnings before interest and tax of £0.4m in the year to October 2008, from sales of £5.4m.
Finsbury said Nicholas & Harris will make an initial payment of £500,000 while the remaining £1.7m will be paid in installments over the next four years.
Aim-quoted Finsbury’s chief executive Martin Lightbody, who took over the role in September last year, said the acquisition will extend the group’s product range.