The Sale of Fultons Foods will allow Poundland to supply chilled and frozen food to a further 150 stores in 2021/22
We're delighted to have successfully advised on the sale of Fultons Foods to Poundland.
Viewtone Trading Group Limited, owner of the popular Fultons Foods brand, are a leading frozen food retail chain covering approximately 90 stores across the North of England. Fultons Foods have been relied upon to supply a wide range of discount frozen produce to customers since 1988.
Poundland, a favourite UK retailer of discount goods, has been working closely with Fultons Foods for 12 months developing its chilled and frozen food range and building a distribution network to serve stores.
The sale will allow Poundland to supply the chilled and frozen food for which Fultons Foods is known and trusted to a further 150 stores in the 2021/22 financial year and to as many as 500 stores over the next three years, making it an increasingly significant player in the estimated £20 billion UK chilled and frozen food market.
The EMW team acting for selling shareholders Kevin Gunter and Karen Rees was led by Ian Morris, and was assisted by Daisy Divoka, Jemima Clarke, Danielle Allingham, Amanda DeBruyn, Priya Magar, Marcus Carter, Mehraj Enus, Amelia Collins, and Matthew Holman.
Grant Thornton, Leeds office, provided the Sellers with Corporate Finance advice. Poundland was advised by Harrison Clark Rickerbys.
"Kevin Gunter, exiting shareholder, said: EMW and Ian Morris in particular, have been our corporate advisors right back to my original MBI in 1997, and I can’t think of anyone better to guide us through this complex transaction. EMW were supportive and understanding of our desires for the future of Fultons Foods and of our staff members and worked tirelessly to bring us the common-sense, pragmatic commercial advice they’re known for. Ian and the EMW team formed excellent relationships to ensure a smooth transition to sale and we, the sellers, thank them for everything that they did for us."
Ian Morris, Principal in the Corporate team at EMW, commented: “It’s particularly satisfying when you advise a management team at the beginning of their journey and remain with the team right through to exit. In this particular case the journey ran from 1997 to 2020. I had the pleasure of leading the deal team for this transaction and of supporting the sellers from start to finish. It started as a conversation with the sellers on how they could achieve a sale whilst ensuring that Fultons Foods continued to serve its customers to the highest standard. With Kevin and Karen remaining in the business to ensure a smooth transition, the sellers have certainly achieved this objective. This is an exciting time for Fultons Foods as they continue on a strong growth strategy backed by the network and support of Poundland. We wish them every success for the future.”
For more information about this deal, please contact Ian Morris, or give us a call on 0345 070 6000.