5th September 2018
Walker Morris has advised Real Good Food plc on the sale of Haydens Bakery Limited to a subsidiary of Bakkavor Group plc for £12 million.
Real Good Food focuses on three main markets including: cake decoration (Renshaw and Rainbox Dust Colours), food ingredients (R W Scott and Brighter Foods) and premium bakery (Chantilly Patisserie). Haydens Bakery has been part of Real Good Food since the Group’s inception in 2003 and produces premium tarts, pies and crumbles, Danish pastries, sweet buns, yum yums and doughnuts and sells principally to major retail customers.
Specialist lawyers from the Walker Morris Food & Drink Team advised Real Good Food. The team was led by corporate partner, Richard Naish, and supported by Simon Cuerden and Marianne McKeown (Corporate); Michael Taylor and Joshua Waddington (Banking); Andrew Rayment (Employment), Nicola Parkinson (Tax) and Andrew Maclean (Real Estate).
Hugh Cawley, Chief Executive at Real Good Food plc, said:
“This disposal marks an important next step in the restructuring and performance improvement of Real Good Food and is line with our turnaround plan for the Group. Given the sizeable areas of common interest, we believe that Haydens and its staff will prosper better in partnership with Bakkavor.”
Richard Naish, added:
“We are delighted to have been able to advise Real Good Food on this key disposal. We have worked closely with Real Good Food in recent months, having advised them on a whitewash under Rule 9 of the Takeover Code, an open offer to shareholders and the sale of Garrett Ingredients to Kent Foods.”