QV Foods to acquire Greyfriars
QV Foods Limited and Greyfriars UK Limited are pleased to announce that they have signed a Heads of Terms expected to lead to the sale of the Greyfriars business to QV. This will bring together the skills and resources of two leading produce businesses and enable QV to significantly enhance it‘s offer to existing and new customers. The two parties have commenced Due Diligence processes with a view to completing the sale process in January.
Commenting on the sale, Greyfriars Chairman, John Smith said...
“Greyfriars has always been an ambitious company. Since its incorporation some twenty five years ago it has seen its annual turnover rise from a modest £400,000 to more than £14 million with its initial mushroom offer being augmented with a wide variety of other fresh produce lines majoring on garlic, sweet corn, organics and squashes. Its profit performance has been equally solid”
“There are ambitious plans for further growth. However, it is important to recognise the emerging economic realities - particularly as they relate to the scale of investment required to take advantage of our opportunities.”
“Taking these and a number of other points into consideration, I felt the time was right for Greyfriars to align itself with a much bigger operation with similar ambitions and a robust balance sheet. Not only does QV tick these boxes but the management team and its corporate ethos of customer first, hard work, innovation and attention to detail - plus a sense of humour - are values which Greyfriars share - so the fit is excellent”
“I think these developments are going to be very positive for all the Greyfriars stakeholders - from the supply base, to management and staff and most importantly to the enlarged QV customer base”
QV‘s sales director Simon Martin said...
‘We are making this acquisition in line with our strategy to broaden our fresh and prepared produce offer to all of our retail, wholesale, foodservice and industrial customers. It is a really exciting opportunity and we are looking forwards to working closely with all of Greyfriars‘ customers, employees and suppliers‘.
All enquiries to Simon Martin, Sales Director, QV Foods Limited