Troubled firm sells subsidiary for £1.8m
Liverpool based Real Good Food has announced the sale of a subsidiary business for £1.8 million.
The firm, which recently secured a £4m loan and issued a profits warning at the start of the year, has sold Garrett Ingredients to Kent Foods.
The £1.8m is payable in cash, on a debt free/cash free basis, some £1m of which relates to goodwill, with the remainder adjusting principally to reflect the agreed stock valuation.
The funds raised will be used to reduce the group's debts and the sale is expected to complete this week.
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