Welcome to our Spring 2018 Corporate Services newsletter Despite the slow progress of the Brexit negotiations, the UK economy continues to grow, albeit at a slower…
PKF Francis Clark has advised on the sale of shares in County Confectionery Limited to Orkla’s subsidiary NIC Enterprises Limited. Orkla Food Ingredients is headquartered in Oslo and employs about 18,000 workers.
County Confectionery Ltd makes chocolate and fudge under the Fair & Square and Copperpot brands, as well as for retailers, brands and other manufacturers. A family-owned company established in 1983 with 95 employees, its head office and production facilities are located in St. Ives in Cornwall. It had a turnover of GBP8.6m for the financial year that ended in May 2018.
The County Confectionery deal is the fifth acquisition – either outright or of a controlling stake – Orkla has made in 2018,
Tor Osmundsen, the CEO of NIC Enterprises, said:
“County has a long history of manufacturing high-quality fudge and chocolate products. Orkla Food Ingredients and County are a good strategic fit, and the acquisition complements Orkla Food Ingredients’ position as a supplier of ingredients and accessories to the UK bakery, chocolate and ice cream market.”
Mark Brian, whose Grandfather founded County Confectionery commented:
“We have known and admired Orkla for a number of years. This transaction gives the company the platform to continue our expansion programme and also to benefit from the resources and expertise Orkla has in the UK and beyond in delivering on a combined strategy.”
County Confectionery were assisted in the disposal by PKF Francis Clark and Murrell Associates. The PKF Francis Clark team were led by Paul Crocker. Paul said:
“We were pleased to play our part in this transaction for a long standing client of the firm. We wish them all the best for what is going to be an exciting future as part of the Orkla group.”
Henry Maples of Murrell Associates added “It was a real pleasure working with Mark and his team on this transaction which I am sure will see the company go from strength to strength.”