QV Foods is set to continue its recent growth with the acquisition of mushroom and vegetable specialist Greyfriars.
The two companies have signed a heads of terms agreement and a due diligence process has begun. The sale is expected to be completed in January, with the existing Greyfriars management team and employees moving to QV as part of the deal.
Ripon-based Greyfriars was set up 25 years ago as a mushroom grower, but has since added garlic, sweetcorn, organics and squashes to its portfolio. Turnover in the same period has risen from £400,000 to over £14 million.
Greyfriars chairman John Smith said the company has ambitious plans for growth but economic realities meant it was a challenge to get the investment required to bring these to fruition.
“Taking these and a number of other points into consideration, I felt the time was right for Greyfriars to align itself with a much bigger operation with similar ambitions and a robust balance sheet,” he explained.
“Not only does QV tick these boxes but the management team and its corporate ethos of customer first, hard work, innovation and attention to detail - plus a sense of humour - are values which Greyfriars share, so the fit is excellent.
“I think these developments are going to be very positive for all the Greyfriars stakeholders - from the supply base, to management and staff and most importantly to the enlarged QV customer base.”
QV director Simon Martin added: “We are making this acquisition in line with our strategy to broaden our fresh and prepared product offer to all our retail, wholesale, foodservice and industrial customers. It is a really exciting opportunity and we look forward to working closely with all Greyfriars’ customers, employees and suppliers.”
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