No Reale deal for pasta and soups firm

Crawley-based pasta and soups firm Pasta Reale has removed the 'for sale' sign it hung up over its business, pledging to go it alone.

The family-owned company, which instigated a strategic review after receiving unsolicited takeover approaches, declined to comment on why a deal had not been struck.

Md John Freestone said: "A deal of this nature is about a lot more than price. Our shareholders looked in considerable detail at what was desirable and what was possible against their needs across a whole range of elements, including how and where the best security and growth could be obtained.

"Having invested substantially during the last three years, the business has the resources to operate in today's competitive market. In the end, the best option was determined to be retaining the business."

He added: "It is fair to state that we have had a lot of interest - we are, after all, well regarded and well founded with further growth opportunities; we are profitable with strong customer relations and new product development programmes."

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 supermarkets in the early 1980s.

When Freestone joined in 1993, it was turning over about £4M. Today the figure is over £30M. The company supplies fresh pasta, pasta sauces, meal solution sauces, soups, gravies and stocks to leading retailers including Sainsbury and the Co-op Group.