UK-based fresh food supplier Braegate Produce has emerged as the new entity from a management buyout of Ibbotsons Produce.
Braegate is located in the town of Tadcaster in North Yorkshire. The buyout deal was overseen by accountancy firm Garbutt + Elliott (G+E), along with Andrew Jackson Solicitors.
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A spokesperson for G+E told just-food the deal was instigated by Ibbotson’s managing director Tony Edwards, who is now chief executive of Braegate.
Ibbotson’s generated a turnover of GBP28.8m (US$36.6m) in the year ended 31 March, 2018, up from GBP18.8m in the prior 12 months, according to a filing with London-based Companies House, which falls under the Department for Business, Energy and Industrial Strategy. Operating profit surged to GBP3.09m from GBP405,604.
It booked a profit of GBP1.2m, compared to GBP487,466 in the previous year.
Ibbotsons started out as a farming business in the 1930’s before Ibbotsons Potatoes was founded by Peter Ibbotson in 1982. It has since expanded to supply national UK supermarkets, wholesalers, independent retailers and food processors, according to its website.
In 2013, the company became Ibbotsons Produce and was joined by the CEO of the new entity Edwards as commercial director. And in 2014, UK growers also joined as investors.
