Acquisition from Real Good Food
Food supplies firm R&W Scott in £4 million buy-out
New owners: Stephen Currie, John Easton, Michael Hewitt
Lanarkshire food supplies firm R&W Scott has undergone a £4 million management buy out led by the firm’s managing director John Easton along with fellow directors Stephen Currie and Michael Hewitt.
The £11m turnover business is a supplier of ingredients to the bakery, confectionery and retail sectors in the UK. The MBO team has acquired the assets from its parent company, Real Good Food.
Funding to assist the deal has been supported by Bibby Financial Services, consisting of asset-based finance and an invoice discounting line, with further equity investment primarily coming from the management team.
The three directors received legal support from Michael Currie, partner at Aberdein Considine, who commented: “The management team at R&W Scott have demonstrated great ambition and vision in leading the firm to this point, and it was a pleasure in supporting the next stage of their development.”
The 94-employee company operates from an 84,000 sq ft manufacturing facility in Carluke and has recently been inspected by the Food and Drug Administration which allows the company to export to the US.
John Easton, managing director, has worked at the company for 12 year. He said: “We are committed to growing the business further and cementing our position within the industry.
“For employees and customers it’s very much business as usual in the short term, however, we do have several exciting innovative new products planned.
“Real Good Food have been a supportive owner over the years, however this MBO provides a strong platform from which we can really accelerate our growth plans and thrive as an autonomous business from our Carluke base.”