Iconic Lanarkshire confectionery firm Lees of Scotland bought over in near £6m deal

dailyrecord.co.uk:

An iconic Lanarkshire confectionery firm has been bought over in a near £6m deal.Lees of Scotland in Coatbridge has been acquired by Finsbury Food Group.Finsbury Food said it had acquired 100 per cent of the share capital of Lees Foods for a cash amount of £5.7m, on the basis that the historic business is being bought cash and debt-free and with an agreed level of working capital.The Lanarkshire Live app is available to download now.

Get all the news from your area – as well as features, entertainment, sport and the latest on Lanarkshire’s recovery from the coronavirus pandemic – straight to your fingertips, 24/7.The free download features the latest breaking news and exclusive stories, and allows you to customise your page to the sections that matter most to you.Head to the App Store and never miss a beat in Lanarkshire - iOS - Android Lees, a producer of meringues, teacakes and snowballs, was established in 1931 and employs more than 200 staff in Lanarkshire.Finsbury’s board believes that it can leverage the scale and breadth of its commercial team and licensed brand portfolio to drive incremental growth for Lees - in addition to scale cost synergies over time.Lees’ adjusted underlying earnings before tax were £900,000 from adjusted underlying net sales of £21.6m at its last financial update, with the deal expected to be earnings accretive immediately in the full year 2023.John Duffy, chief executive at Finsbury, says the deal consolidates its position in the sweet treats sector and allows it to grow its manufacturing presence in Scotland.He added: "Lees currently has a well-established position in the UK meringue category and strong relationships across a high quality and diverse customer base.“This provides Finsbury