Updates

Real Good Food - Acquires Napier Brown Foods

September 2005

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Real Good Food has announced an all-share merger with Napier Brown Foods (NBF), the largest distributor of sugar in the UK. The terms of the offer are 1.6236 shares in Real Good Food for every share in NBF, which values the latter at approximately £68m. As well as distributing sugar, NBF is also the UK’s leading manufacturer of marzipans, ready to roll icings, baking chocolate and jam, to the retail and industrial sectors. In the year ended 3 April, it made an operating profit of nearly £6m on turnover of £270m. This is Real Good Food’s largest acquisition by some distance and has clearly taken investors by surprise judging by the fall in the share price. Chairman Pieter Totte will have his ...

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