July 3, 2012

 

Cranswick obtains Kingston Foods Limited

 

 

For a non-specified purchase price, Cranswick, on Monday (July 2), had taken over cooked meats business Kingston Foods Limited from Tony Turner and Paul Williams.

 

By acquiring this firm, Cranswick will enhance its own cooked meat production capabilities, further diversify its product offerings in an expanding market, as well as extend its client base, the buyer said.

 

Kingston, with gross assets of GBP3.7 million (US$5.8 million) as at January 27, 2012, makes premium cooked and roasted meat products. Both Turner and Williams will retain their current positions as managing director and operations director, respectively.

 

Cranswick was set up by farmers in the early 1970's with the aim of producing pig feed and has since 1988 extended its activities from the agricultural base into the food sector. At present, it focuses on the processing and supply of fresh pork, sausage, bacon, cooked meats and other food products in the UK. For the fiscal year to March 31, 2012, it booked a pre-tax profit of GBP48.4 million (US$76 million) and sales of GBP821 million (US$1.3 billion).

 

At the end of March this year, the company said it had agreed to sell its 49% stake in Farmers Boy (Deeside) Limited to food retailer Wm Morrison Supermarkets Plc. The stake corresponds to gross assets of GBP6.2 million (US$9.7 million).