Bank of England’s chocolate coin maker cooks up MBO

THE director at a confectionery sourcing business Right Angle Marketing has acquired the £15m firm from its founders.

Director John Haken has bought the business from fellow directors Steve and Hilary Angle in an undisclosed seven figure deal.

He is acquiring 90% of the business and will take the reins as managing director alongside Steve Angle who will remain as executive chairman for the next four years.

The business is headquartered in Pocklington, near York and specialises in sourcing and marketing biscuits and confectionery. It sells five million tins of biscuits every year, as well as butter and fudge, mallow products, wafer rolls, Italian Amarettini and Cantuccini biscuits and seasonal chocolates.

The business holds an exclusive licence with the Bank of England to manufacture novelty chocolate coins and banknotes, sold within this sector.

The structured handover of the business will take five years.

New owner Mr Haken said: “Steve and Hilary have established a highly reputable stable of brands, developed specifically for this sector, and has created a fantastic foundation from which to grow the business in the coming years. I am looking forward to growing and developing the business with a great team and great customers, further extending and developing the portfolio of products that we are so well known for within the retail sector.”

Co-founder Steve Angle said: “John is exactly the right man to take the business forward, and continue the journey we started over 15 years ago. I wanted to remain involved on a day-to-day basis and help John as he steps into a new role as managing director, and in many ways it will be business as usual, as I will remain with the business for at least four years”.

Steve Hubbard and Martin Athey of RSM Corporate Finance advised on the deal, with support from Steve Brown on tax. Jonathan Simms and Rachael Stockley of Clarion provided legal advice to the buyer, and Alex Birch, associate at Langleys Solicitors representing the sellers.

Jonathan Simms, partner at Clarion, said: “Their brands are growing in reputation and sales, and their experience in niche and seasonal products gives them huge opportunity to continue to expand their range and grow the business with a new owner but with the continued involvement of the founder, which is an ideal scenario.”

Alex Birch said: “We are delighted to have assisted Steve and Hilary on this transaction. Right Angle is a great retail success story for this region, and the management buyout opens up an exciting new chapter for the company”.

Martin Athey, associate director at RSM, added: “We’ve worked closely with Right Angle Marketing to complete the first stage of Steve and Hilary’s succession plan. It’s an exciting phase for the business and the management team are confident with the strategic direction of the company, which will build on current momentum and maximise future growth opportunities.”