Cranswick has sold a gourmet sandwich manufacturer for £15 million to one of the UKâs biggest convenience food makers as part of a long term strategy to focus on its core protein businesses.
Operating from a single site in Atherstone, Warwickshire, the Sandwich Factory Holdings has been bought by Greencore.
The Sandwich Factory Holdings generated £54 million in revenue for this year up to March 31 and along with its sandwiches, the firm also produces a number of food-to-go products to be distributed in food service channels and the convenience store.
Adam Couch, Chief Executive at Cranswick, said he was pleased to be announcing the sale of its sandwich business to Greencore as it fits in line with the companyâs long term strategy of focussing on its core protein businesses.
He added: Moreover I am particularly delighted that the sandwich division is being acquired by a proven global leader in Greencore who will bring new opportunities and strengths to this business, its customers and the staff to whom, on the Board’s behalf, I would like to extend our thanks for their long standing loyalty and commitment to Cranswick.
Patrick Coveney, Chief Executive of Greencore, commented that the acquisition makes strong strategic sense for the company as it continues to focus on the food to go market.
Coveney believes that the Sandwich Factory will extend Greencoreâs reach into customer areas where it is not currently being represented, most notably in the travel sector and convenience stores, while it will also bring new product types into Greencoreâs range.
The deal was confirmed along with a training update in which Cranswick stated that it has made a strong start to the current financial year, with revenue in the three months up to June 30 this year 11% ahead of the same time frame last year, driven by strong growth in volume.