Sonae in Portugal acquires UK-based vegan food producer

Portuguese conglomerate Sonae has acquired 95.4% of Claybell Limited, owner of Gosh Food, a UK producer of natural plant-based food products.

Sonae finalized the 64 million pounds sterling (75 million euros) through its subsidiary Sonae Food4Future.

About Gosh Food

Gosh Food produces and distributes plant-based food products under the Gosh banner! brand or through the own brands of distributors.

It offers a range of clean label and allergen free products through major UK retailers and food service operators.

The company creates a range of innovative products made from natural ingredients – from healthy snacks to ready-to-eat products – in its Clean Label and allergy-free manufacturing facilities.

The UK-based company reported sales of £ 22million (around € 26million) in the fiscal year ending May of this year.

Gosh will continue to be managed by the current team, which will take a 4.6% minority stake.

Portfolio Management

According to Sonae, this acquisition is part of its active portfolio management strategy focused on innovative companies in growth sectors linked to its core business.

In addition, it will allow the company to invest in the high-potential natural and plant food industry, while relying on its know-how in the food and distribution sectors to accelerate the plan. company value creation.

Sonae, which operates the Continente chain, reported a 5.8% increase in sales in the first quarter of its fiscal year, with sales of its Sonae ™ food distribution unit increasing 6.6% to 1.3 billion euros. He recorded a net profit of € 1 million during the period, which represents a turnaround from the loss of € 59 million he reported for the corresponding period last year.

© 2021 European supermarket magazine – your source for the latest retail news. Article by Branislav Pekic. Click on subscribe register for ESM: The European magazine for supermarkets

Source link

About Jamie Collins

Jamie Collins

Check Also

From pumpkin cinnamon rolls to berry and oatmeal shortbread bars: our eight best vegan recipes of the day!

On your marks, get set, recipes! Here are our fresh from the mill recipes just …