Walker Morris advises Real Good Food on the sale of R&W ScottPrint news article
A team of lawyers from the specialist Food & Drink Team at Walker Morris has advised Real Good Food plc on the sale of jam and preserves producer, R&W Scott LTD, to its management team (the MBO).
Real Good Food will receive a consideration of approximately £4 million as a result of the MBO. The cash proceeds received will initially be employed within Real Good Food’s working capital facilities, with a view to reducing the company’s indebtedness at a later stage.
Following a process of exploring strategic options for the Scotts business, the MBO offered the best route to maximising value from the business and allows management and the Board to focus its attention and resources on the two remaining major businesses, Cake Decoration and Brighter Foods.
Walker Morris fielded a team comprising specialists from across the Firm including: Richard Naish, Simon Cuerden and Marianne McKeown (Corporate), Michael Taylor and Joshua Waddington (Finance), Lee Crook (Commercial), Nicola Parkinson (Tax) and Andrew Maclean (Real Estate).
Hugh Cawley, Chief Executive, said:
“This disposal, alongside those of Haydens and Garretts earlier in the year, marks a significant milestone in the turnaround and performance improvement programme of Real Good Food. We are now able to focus on the core continuing businesses, Brighter Foods and Cake Decoration.”
Richard Naish added:
“We are pleased to have advised Real Good Food on this latest disposal. The sale of R&W Scott will allow the company to reinforce its specialist expertise and strategic direction with its two major remaining businesses.
“We have advised Real Good Food on a number of successful transactions in recent months including: the sale of Haydens Bakery, a whitewash under Rule 9 of the Takeover Code, an open offer to shareholders and the sale of Garrett Ingredients to Kent Foods.
“This latest transaction reinforces our own extensive experience and reputation in the food and drink sector as well as our ability to draw on a multi-disciplinary team with a wide range of expertise and knowledge to ensure our specialist legal advice is delivered in a commercially relevant context.”