Real Good Food has announced it has completed the sale of Chantilly Patisserie to its management team. The group will receive a total of GBP0.2m in consideration, to be paid in cash, with GBP0.1m paid on completion and a further GBP0.05m on each of the first two anniversaries of the sale. The cash proceeds will be utilized for working capital purposes within the group.
Chantilly has been producing frozen desserts from its premises in Paignton, Devon for 20 years, and was carved out from Haydens Bakery Limited prior to Haydens’ disposal to Bakkavor Group plc back in September 2018.
In the group’s financial year ended March 31 2018, Chantilly contributed GBP2.40m of revenue, and incurred a loss before non-recurring items and tax of GBP0.25m, and a pre-tax loss of GBP0.32m.
Following this disposal (and those of Haydens, Garretts and R&W Scott), Real Good Food will focus on two profitable businesses which together now comprise the majority of the group, Cake Decoration (Renshaw and Rainbow Dust) and Ingredients (Brighter Foods).