Glendale Foods Limited, the Salford based food manufacturing business, has undergone a partial shareholder buyout for an undisclosed sum, leaving full control to management as the company enters the next stage of development.
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, all of whom exit the business after more than 30 years of managed growth.
Glendale was founded in 1982 and has grown steadily since inception. Under the stewardship of John, Paul and Mark the Company has enjoyed strong growth in recent years, underpinned by new contract wins and investment in the production facilities and equipment. Last year turnover was a record £20m and today Glendale employs around 200 staff.
Glendale 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.
Glendale managing director Paul Burkitt 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, commented: "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."
Management was advised by Ian Gillis and David Mkhitarian from Hill Dickinson. The exiting shareholders were advised by Keith Kennedy of Pearsons. Funding was provided by Lloyds Banking Group.