Confectionery brand Lees of Scotland has been acquired by Finsbury Food Group for a total of almost UK£6 million. According to Finsbury Food, it has acquired 100% of the share capital of Lees Foods for £5.7 million.
Lees dates back to the 1930s, which was first established in 1931 by John J Lees, and is best known for its production of teacakes and snowballs. It operates out of Coatbridge and is an important employer for the local area, employing around 200 people at the factory.
“Joining the Finsbury Food Group is an exciting new chapter, and we look forward to the opportunities ahead and working with new colleagues,” Lees said in a press release, adding that the acquisition brings two “complimentary” businesses together with strong relationships and a diverse customer base. “There are new commercial opportunities to explore with high growth potential.”
As a bakery manufacturer, Finsbury Food Group also owns a number of brands in the bakery sector, including Memory Lane Cakes, who they acquired in 2002, Nicholas and Harris, who they acquired in 2003, and Fletchers, acquiring in 2014.
John Duffy, CEO of Finsbury Food Group, echoed Lees’ sentiments: “We are delighted to announce the strategic acquisition of Lees Foods Limited, as we consolidate our position in the sweet treats sector and grow our manufacturing presence in Scotland,” he said. “Lees currently has a well-established position in the UK meringue category and strong relationships across a high quality and diverse customer base.
“This provides Finsbury with the opportunity to build upon both businesses’ existing retail relationships and unlock further commercial opportunities, including out of home. We look forward to welcoming Lees to the wider Group.”
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