Paul Allen, CEO of one of the UK’s largest snack manufacturers has turned to Keystone NI in his acquisition of McErlain’s bakery, the producer of the popular Genesis Crafty range.
Advising Mr Allen’s personal acquisition vehicle, Hatch Brothers Limited, in the deal was Keystone NI Managing Director John McMahon and Lauren McGarry, who dealt with the corporate aspects – with Director Jim Houston advising on the property elements of the transaction. Matt Tom provided employment advice in relation to TUPE.
The Keystone team was instructed on the pre-pack acquisition and completed on it in just five working days.
The purchase of the business, which has a turnover of £22million, will save more than 250 jobs at the Magherafelt bakery which produces private label cakes and other items for the likes of Marks and Spencer, Waitrose and Tesco.
Andrew Dolliver and Luke Charlton of Ernst & Young were appointed as Administrators for McErlain’s Bakery with A&L Goodbody NI acting as legal adviser to the Administrators.
Tughans advised funder Danske Bank in the deal whilst Mills Sellig acted for the company in administration.
Paul Allen commented:
“I am looking forward to restoring the former success of Genesis Crafty. It’s a brand I have known for years and I really believe it’s worth saving and growing.”