Fri, 05 Jan 2024 | BUSINESS SALE
Fast moving consumer products (FMCP) manufacturer, supplier and brand owner Supreme Plc has expanded with the acquisition of the trade and assets of protein manufacturing firm FoodIQ UK Holdings Ltd out of administration.
The deal significantly bolsters Manchester-based Supreme’s Sports Nutrition and Wellness division and gives the firm access to FoodIQ’s £1.2 million accredited, automated contract manufacturing facility. The facility, which is located near London, was opened just 18 months ago. Supreme says it plans to keep the facility operational from the existing site and forecasts that it will increase the manufacturing capacity of its wellness operation by around 40 per cent.
FoodIQ was only formed in 2020, but fell into administration shortly before Christmas 2023, appointing administrators from Kroll. In its accounts for the year ending December 31 2022, the company’s total assets were valued at more than £1.5 million, however the company’s debts left it with total liabilities of close to £2 million and Supreme has acquired its trade and assets for just £175,000.
Prior to entering administration, FoodIQ, which had UK operations but was headquartered in Helsinki, had raised €13 million (just over £11 million) in a 2022 funding round led by Swedish food technology firm Nicoya. The company had planned to use this funding to scale up its plant-based food operations.
Commenting on the acquisition, Supreme Chief Executive Sandy Chadha said: "We are delighted to have completed this acquisition, which provides our fast-growing Sports Nutrition & Wellness division with the manufacturing capacity required to meet growing demand.”
"We have used Food IQ in the past to manage capacity requirements in our Sports Nutrition & Wellness division so are familiar with their capability."
While acquisitions of distressed companies and assets can deliver enormous value, it is vital to perform rigorous due diligence to avoid any hidden risks and ensure a successful deal
This is a unique opportunity to acquire a bespoke soft furnishings manufacturer with a strong reputation and established relationships with top interior designers, developers, and architects.
Opportunity to acquire a well-established bespoke kitchen manufacturer and retailer with over 30 years of experience in delivering high-quality custom kitchens.
Opportunity to acquire a company renowned for its bespoke wood machining, providing distinctive timber components for various industries including construction and furniture.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.