Management buyout for UK confectionery firm
UK-based biscuit and confectionery group Right Angle Marketing has been sold in a management buyout for an undisclosed seven figure sum.
The £15 million ($19.6m) company, which sources and markets biscuits and confectionery, selling branded and private label products, has been acquired from co-founders Steve and Hilary Angle by director John Haken in a deal that will involve a structured handover over the next five years.
The business sells over five million tins of biscuits annually and markets UK value shortbread brand, Highland Speciality. Other products include all butter fudge, mallow products such as Snowrolls, chocolate biscuits, wafer rolls, Italian Amarettini and Cantuccini biscuits, Belgian chocolate coins and other novelty and seasonal confectionery from global manufacturers.
It also holds an exclusive licence with the Bank of England to produce novelty chocolate coins and bank notes, sold within this sector.
The deal will see Haken acquire 90 per cent of the new group and take the reins as managing director, working alongside Steve Angle, who will remain within the business as executive chairman for the next four years.
“I am looking forward to growing and developing the business with a great team and great customers, further extending and developing the portfolio of products that we are so well known for within the retail sector,” said Haken.
Steve Angle added, “John is exactly the right man to take the business forward, and continue the journey we started over 15 years ago. I wanted to remain involved on a day-to-day basis and help John as he steps into a new role as managing director, and in many ways it will be business as usual, as I will remain with the business for at least four years.”
