Swiss parent puts Juvela up for sale

A NORTH West food company specialising in making products for sufferers of coeliac disease has reportedly been put up for sale by its Swiss parent with a suggested price tag of £100m.

According to the Sunday Times, investment bank NM Rothschild has been appointed by the Hero Group to sell Liverpool-based Juvela, which makes gluten-free cakes and baking products.

Companies House records show that Juvela was incorporated in September last year. Its registered office is the Manchester office of law firm DLA Piper, although its trading address is De Havilland Drive, Liverpool. 

The newspaper suggests the sale could interest private equity firms and pharmaceutical company GlaxoSmithKline.

The company’s last filed accounts for 2009 show a reduced turnover of £19.9m (2008: £21.6m) and a pre-tax loss of £5.8m.

Part of the loss was due to exceptional items relating to the closure of its factory in Sherburn. The closure of the factory dramatically cut its overheads, though – average employee numbers fell to 33, from 103 a year earlier.