pounds 120m for Cheese Company
Friday 01 September 1995
The Cheese Company, which manufacturers a fifth of the country's Cheddar, has been sold to Waterford Foods of Ireland for pounds 128m. Its four directors and 70 of the staff who took part in the management buyout from Grand Metropolitan three years ago own 20 per cent of the equity and stand to make considerable gains.
The Cheese Company is one of the UK's two largest cheese producers. In addition to Cheddar, it also manufactures Stilton and other dairy products such as yoghurts and fromage frais.
The deal represents a significant move for Waterford into the UK dairy market.
Matt Walsh, managing director, said: "It will give us additional access to the important British retail, industrial and catering sectors and enhances our product development and marketing expertise."
The Cheese Company's senior management will stay with the company, with Roger Davenport, managing director, set to join Waterford's board. John Madden, operations director, will oversee the integration of the two businesses.
Last year the Cheese Company achieved profits of pounds 12m on sales of pounds 291m. Operating profits for the nine months to July this year were up to pounds 12.7m. It has no debts, but after the acquisition Waterford's gearing will rise to more than 100 per cent on borrowing of almost pounds 200m. The Cheese Company operates from five factories in the UK.
- 1 The truth about 'girl things': Three cheers for Heather Watson's honesty
- 2 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 4 Tennis fan suing Australian Open organisers for 'failing to shade spectators' during Murray match
- 5 Syrian refugee child beaten by Istanbul Burger King manager for eating customer’s leftover food
Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Rob Lowe hits out at White House decision not to meet Israeli leader
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign
Winston Churchill: From accusations of anti-Semitism to the blunt refusal that led to the deaths of millions
British Muslim leaders outraged after Eric Pickles says followers of Islam should 'prove their identity'
UK terror fears: My jihadist son returned from Syria mentally scarred – now he is being ignored
Nigel Farage: NHS might have to be replaced by private health insurance
Billy Crystal: 'Stop shoving gay sex scenes in my face'
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...