One of Britain’s best known cheese companies has been sold in a management buy-out, after its parent company Novel Group Ltd, was placed into administration.
The London based H&B Foods, which owns the Huge Sauce Company and the Cheese Cellar Company, is the largest speciality cheese wholesaler and supplier in the UK and has employed PHA Media, an award winning London based PR Agency to handle the communications during this crucial time.
Among its customers are Harrods, The Ritz, Pret A Manger and a string of five star hotels and restaurants.
The company, which employs 300 people, has a turnover of £76.3 million.
The agreement, which is jointly funded by the management team and Straumur Burdaras Investment Bank, secures the long-term future of the business. All current employment contracts and terms will be honoured.
Sales director Simon Yorke said: “This is a hugely successful company and I believe this move will only enhance the brand and take the business from strength to strength.
“We have a very strong market share and will increase that with our brilliant products and first-class staff. We also believe our customers can only be re-assured by the fact the company is back in the hands of the founding management team. It is business as usual.”
The management team is made up of the company’s original founders Nick Martin, Jonnie Archer and Simon Yorke.
A spokesman for Straumur Burdaras said: “The Cheese Company will be profitable from day one. We agreed to help finance the deal because we believe in the management’s vision for the business and its future prospects.We are delighted tha PHA Media are advising us on all aspects of our communications strategy”
Novel Group Ltd also owns the Fresh Olive Company, which employs 100 people and has a turnover of £18.1 million. The business will continue to trade while administrators try to find a buyer.
For further details about H&B Foods Limited please contact Phil Hall or the PHA Food PR Department on 0207 025 1352 or 07870 603552.
For the administrators/Fresh Olive Company of Provence please contact Hill & Knowlton on 020 7413 3232 or zolfocooperpressoffice@hillandknowlton.com
