Cheeses, continental meats and yogurt and desserts are all part of the portfolio of Golden Acre, which is based at Chertsey in Surrey and employs 22 people.
Elsinore achieved sustained growth through the recession in sales of products such as caviar, mussels and cockles, imported from Denmark, to retailers including Tesco, Waitrose and Ocado.
However, John Wilson, owner of Elsinore, which is based at Melbourn, in Hertfordshire and has four full-time staff, was seeking to retire and wanted to ensure the business ended up in capable hands.
Recovery in demand
PEM Corporate Finance (PEMCF), which advised on the deal, said it followed signs of a recovery in demand for indulgent products as the UK began to ease out of recession. The business cited Food & Drink Federation statistics indicating an 8% increase in such products in the final quarter of 2013.
Elsinore also believed increased consumer demand for seafood products would develop, fuelled by growing awareness of the health benefits of the omega-3 fatty acids found in fish.
“I’d like to thank PEMCF for their support and advice on the sale of Elsinore Foods,” said its owner John Wilson. “They took time to really understand the business, and as such were able to find a buyer that was a good fit.”
Retirement
Tony Stairs, director of PEMCF, added: “Elsinore Foods is an excellent company, well respected by its suppliers and customers alike. John has done a fantastic job managing the business; it has been a pleasure to support him in making this deal, and we wish him all the best for his retirement.
“Elsinore is a great fit for Golden Acre, and I’m sure the business will continue to thrive under its new ownership.”
Through a 2009 management buy-out, Elsinore secured the former Danfood chilled food business. Its products are marketed under the Elsinore and Spinnaker brands. The firm supplies multiple supermarkets, cash & carries and independent fine food retailers.
The price paid for the business remains undisclosed. Adam Bradley, of solicitors Taylor Vinters, advised on the sale.