Cranswick plates up deal for £54m-turnover sandwich business

FRESH food company Cranswick has sold off its sandwich business to an Irish food business in a £15m deal.

The Sandwich Factory (Holdings) Ltd has been sold to Dublin-based Greencore, which has a UK base in Chesterfield and a US office in Massachusetts.

The Sandwich Factory operates a single facility in Atherstone, Warwickshire, where it produces food-to-go ranges.

For the year to 31 March 2016 it turned over £54m, and employs 650 people, which will all transfer to the Dublin-based company.

The announcement came as Hull-based Cranswick reported that revenues in the three months to 30 June 2016 were 11% ahead of the same period last year.

The FTSE250 firm spent £39m on poultry business Crown in that period as it focuses on its core operations.

Adam Couch, CEO of Cranswick, said: “I am pleased to announce the sale of our sandwich business to Greencore which is very much in line with our strategy of focusing on our core protein businesses.

“Moreover I am particularly delighted that the sandwich division is being acquired by a proven global leader in Greencore who will bring new opportunities and strengths to this business, its customers and the staff to whom, on the Board’s behalf, I would like to extend our thanks for their long standing loyalty and commitment to Cranswick.”

Greencore CEO Patrick Coveney said: “This acquisition makes strong strategic sense for Greencore, given our ongoing focus on the food to go market.

“We are delighted to be adding more capacity to our manufacturing network, and to be welcoming new colleagues to our business.”