Walker Morris advising on Brighter Foods sale

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The Food & Drink team at Walker Morris is advising the AIM quoted food group, Real Good Food plc (AIM: RGD), on the sale of its subsidiary, Brighter Foods Limited, to globally renowned THG plc (THG) for an aggregate cash consideration of £43.0 million on a cash free/debt free basis.

The sale, which is conditional on shareholders’ approval, is expected to complete on 11 May 2021.

The Walker Morris team was led by corporate partner and Head of Food & Drink, Richard Naish with support from Jessica Stanley and Micha Hatfield (both corporate).  Tax advice was given by Walker Morris tax director Nicola Parkinson and banking advice by Michael Taylor (partner) and Josh Waddington (associate).

Mike Holt, Executive Chairman at RGF, said:

“We are very pleased with the disposal which crystallises substantial value for the Group and enables us to halve our debt burden at a stroke, whilst materially improving the funding of the pension scheme. It also provides a basis for further balance sheet restructuring, as we look to accelerate and maximise value within Renshaw and Rainbow Dust Colours.

“I would like to thank Richard Naish and his team at Walker Morris for their support and advice throughout this process, which enabled us to secure a good deal for Brighter’s sale.”

Richard Naish, Head of Food & Drink, said:

 “Food & Drink has been a focus of the firm for 15+ years, which has enabled us to build an unrivalled knowledge base of doing these sorts of deals in the sector.  It was a pleasure to support Real Good Food and the selling management team and I am sure that the business will continue to prosper under new ownership.”

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