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Administrators complete sale of GRH to major cheese supplier

Administrators complete sale of GRH

GRH has been acquired by Futura Foods, one of the UK’s largest suppliers of continental cheese to the UK and Ireland.

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GRH Food Company Limited (‘GRH’), a Snowdonia-based cheese processing business, has been sold to Futura Food UK Limited (‘Futura’).

Paul Dumbell and David Costley-Wood from KPMG were appointed as joint administrators to GRH on Monday 24 June 2019. After marketing the business for sale, they have completed the successful sale of the business and its assets to Futura.

Gloucestershire-based Futura is one of the largest suppliers of continental cheese to the UK and Ireland, providing Greek, Cypriot, Italian, Spanish and Northern European cheeses to retailers, wholesalers, food manufacturers and food service. The business is owned by major Danish dairy business Nordex Food.

The deal secures the future of cheese manufacturing in Snowdonia, as the buyer plans to restart operations at Snowdonia Business Park in the coming months.

Commenting on the sale, Paul Dumbell, joint administrator and restructuring director at KPMG, said: “The deal with Futura provides a significant opportunity to revive a major employer in Snowdonia and continue a proud history of Welsh cheese manufacturing. With the backing of a major international dairy firm, Futura is looking to restart operations as soon as possible, giving a considerable boost to the local economy and a vote of confidence in the Welsh food industry.”

Hans Christiansen, managing director at Futura Food UK, said: “GRH has been a significant part of the local community in Snowdonia and was an established producer of quality dairy products. Taking on GRH opens up an exciting new area of the market for us and we are determined to build a positive future for the company, clients and everyone else connected to the business.

“The whole transaction has run seamlessly, with KPMG working hard to ensure the best result for all those involved. We are working hard to get the site back up and running and look forward to bringing jobs and investment back to the area.”

ENDS

Notes to Editors:

Deal team (KPMG): Paul Dumbell, Kiran Reddy and Nick Birtle.
Legal team (Pinsent Mason): James Cameron, Daniella Thompson and Samantha Poulton.
Agent team (Sanderson Weatherall): Neil Simpson and David Fawcett.

For media queries only, please contact:
Alastair Henry, Citypress (on behalf of KPMG)
0161 235 0320
alastair.henry@citypress.co.uk

KPMG Press office
Tel: +44 (0) 20 7694 8773

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff. The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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