MBO at £15m York biscuit and confectionery specialist
Right Angle Marketing (York) Ltd, a Yorkshire-based biscuit and confectionery specialist, whose customers include virtually every major multiple and discount retailer in the UK, has been acquired from its founder for an undisclosed seven figure sum. Right Angle Marketing is based at offices in Pocklington, near York, and sources and markets biscuits and confectionery, selling both branded and private label products.
The business, founded by Steve and Hilary Angle in 2001, has been acquired by fellow director John Haken in a deal that will involve a structured handover over the next five years. The £15m turnover business has a track record in supplying high-quality, value-for-money biscuits and confectionery.
John Haken said:
“Steve and Hilary have established a highly reputable stable of brands, developed specifically for this sector, and has created a fantastic foundation from which to grow the business in the coming years. I am looking forward to growing and developing the business with a great team and great customers, further extending and developing the portfolio of products that we are so well known for within the retail sector.”
The business sells over five million tins of biscuits annually and markets the UK’s leading value shortbread brand, Highland Speciality. Other products ranges in the Right Angle portfolio include high quality all butter and everyday fudge, mallow products such as Snowrolls, chocolate biscuits, wafer rolls, Italian Amarettini and Cantuccini biscuits, Belgian chocolate coins and other novelty and seasonal confectionery from leading manufacturers in the UK and from around the world. The business also holds an exclusive licence with the Bank of England to manufacture novelty chocolate coins and bank notes, sold within this sector.
The firm’s Highland Speciality Shortbread range is manufactured in Scotland’s oldest bakery, Campbells Shortbread of Callander, in Perthshire. It sells over 12 million packs of shortbread each year and is stocked by almost every major retailer in the sector.
The deal will see John Haken acquire 90% of the new group and take the reins as managing director, working alongside Steve Angle who remains within the business as executive chairman for the next four years. Steve Hubbard and Martin Athey of RSM Corporate Finance advised on the deal, with support from Steve Brown on tax. Jonathan Simms and Rachael Stockley of Clarion provided legal advice to the buyer, and Alex Birch, associate at Langleys Solicitors representing the sellers.
Steve Angle, co-founder said:
“John is exactly the right man to take the business forward, and continue the journey we started over 15 years ago. I wanted to remain involved on a day-to-day basis and help John as he steps into a new role as managing director, and in many ways it will be business as usual, as I will remain with the business for at least four years.
Jonathan Simms, partner at Clarion, said:
“Right Angle is, quietly, a very successful Yorkshire business whose products are sold in just about every retailer across the country. Their brands are growing in reputation and sales, and their experience in niche and seasonal products gives them huge opportunity to continue to expand their range and grow the business with a new owner but with the continued involvement of the founder, which is an ideal scenario.”
Alex Birch said:
“We are delighted to have assisted Steve and Hilary on this transaction. Right Angle is a great retail success story for this region, and the management buy-out opens up an exciting new chapter for the company.”
Martin Athey, associate director at RSM, added:
“We’ve worked closely with Right Angle Marketing to complete the first stage of Steve and Hilary’s succession plan. It’s an exciting phase for the business and the management team are confident with the strategic direction of the company, which will build on current momentum and maximise future growth opportunities.”
Photo caption: Left to right: Steve Angle from Right Angle; Alex Birch from Langleys; John Haken and Hilary Angle from Right Angle