Pasta Reale confirms takeover rumours
Crawley-based convenience foods supplier Pasta Reale is fielding offers from several interested parties, bosses at the company have confirmed. Speaking to Food Manufacture in the wake of press reports suggesting that Northern Foods is in the frame, Pasta Reale md John Freestone said: “As part of a strategic review that we conducted after receiving unsolicited approaches for the business, the shareholders started to solicit offers.”
He added: “This approach has created a lot of interest and the company and its shareholders are considering their options and strategic direction for the future.”
He added: “It is fair to state that we have had a lot of interest in the business - it is after all well regarded and well founded with further growth opportunities; it is profitable with strong customer relations and new product development programmes.”
Freestone’s own position in the business “would depend if there is a role for me in any revised strategy”, he said.
“My relationship with the business and shareholders goes back many years and when the time comes, I too will be pleased to consider all the options to ensure that the business continues to grow and prosper and provides good returns and secure employment.”
Set up by Virginia and Salvatore Lopalco and Virginia’s brother Roberto in the late 1970s, Pasta Reale made its name supplying local delis and upmarket foodhalls, including Harrods and Selfridges, before getting listings in supermarket chains in the early 1980s.
When Freestone joined in 1993, it was turning over about £4M. Today it is turning over around £30M.
The company supplies fresh pasta, pasta sauces, meal solution sauces, soups, gravies and stocks to leading retailers.
