Professionals: Yorkshire advisers act on Japanese acquisition of £55m turnover ethnic food sector supplier; Stone King helps launch affordable loans

A HOST of Yorkshire advisers have worked on the sale of Scotch Frost of Glasgow, one of the longest established suppliers to the UK’s specialist ethnic food sector, to Japanese-headquartered agricultural cooperative Zen-Noh.

The Leeds offices of accountancy firm Mazars and law firm Squire Patton Boggs worked on the deal, the sum of which was undisclosed.

Scotch Frost of Glasgow was established in 1967 and is a leading importer and distributor of frozen, fresh and ambient food products, drinks and packaging, from Europe, Asia, Australia, Africa, New Zealand and South America, with a product range in excess of 1,000 lines. Based in Glasgow, the business also operates sites in Inverness, Newcastle, Harlow and Dublin, generating annual turnover of around £55m.

Zen-Noh, a federation of agricultural cooperatives in Japan, is a supplier of fresh, Japanese produced agricultural and livestock products to consumers, and is one of the world’s largest importers of animal feeds and agricultural fertilizers. Zen-Noh’s combined revenue is in excess of £38.7bn.

Scotch Frost of Glasgow vendors Derek and Adrian Louden will remain working within the business following the acquisition to continue to develop the business.

Derek Louden said: “Having the backing of the Zen-Noh cooperative will give Scotch Frost the platform to further increase our presence in the UK whilst also providing Zen-Noh access to a comprehensive distribution network and a route to market for its high end products in the UK. The completion of the transaction marks a strategic acquisition for Zen-Noh, and we wouldn’t have been able to locate this buyer without the help of Mazars.”

Corporate finance advice was provided by corporate finance partner Rob Burton and corporate finance executive Stephen Nagle from the Mazars Leeds office, while legal advice was provided by corporate partner Paul Mann and corporate associate Louisa Hine from Squire Patton Boggs.

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LEEDS law firm Stone King is advising on a national project to help people break the damaging cycle of high-cost debt.

The Affordable Loans portal – a partnership between private and social sector bodies – will make it easier for people with poor or no credit rating to access affordable loans from responsible lenders.

The lenders are several credit unions and community development financial institutions supported by Responsible Finance.

Stone King’s corporate and commercial team handled all the legal aspects of establishing the new partnership which included creating a joint venture vehicle for the project, as well as settling legal documents for the arrangements between the different parties involved.

Tamsin Eastwood, a consultant in Stone King’s corporate and commercial team, said: “Millions of people are trapped in a cycle of high-rate borrowing which can cause untold misery and stress for the individuals and families involved.
“We are extremely proud to be working with these community lenders and to be the legal advisers for this important national project that will help people to break free from this damaging spiral of debt and to take back control of their financial situation.”

Affordable Loans has gained the support of national companies including supermarket chain ASDA, which is directing customers to the portal via its website, and the backing of the Cabinet Office. Leeds Credit Union is currently piloting the portal before the Affordable Loans project is rolled out nationally in 2017.
 
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DESIGN consultancy Only is set to take its business to the next level after being accepted onto the Goldman Sachs 10,000 Small Businesses scheme.

Only, which was founded in Leeds two years ago by brothers Daniel and Matthew Tweddle, applied to join the scheme following a recommendation by the company’s accountant, Simon Palmer of Leeds and York-based Garbutt + Elliott.  

Mr Palmer said: “We are always looking for ways to help our clients improve their businesses – whether it’s applying for tax credits to free up funds, or taking advantage of external training programmes.  I have been working with and nurturing creative companies like Only for many years, and I was certain that 10,000 Small Businesses would be an ideal fit to help Daniel and Matthew develop and grow their business.”

The programme is designed to provide practical education and business support to leaders of high-growth small businesses and social enterprises across the UK.  
Daniel Tweddle, managing director of Only, applied to the programme which is a mixture of online and in-person residential sessions designed to equip successful new businesses with the skills they need to grow.

He said: “As a design consultancy we are leaders in field, and our success to date shows that we are very good at what we do.  We have attracted a very strong roster of clients and picked up several industry awards in a short space of time, including UK Startup of the Year. But there are gaps in our knowledge in terms of business and management. The Goldman Sachs scheme is exactly what we need to give us a solid foundation to build on.”