Whitworths buys flour milling operations from Carr’s
Posted: 5 September 2016 | Roy Manuell, Digital Content Producer | No comments yet
Whitworths Holdings Ltd. has bought the flour milling section of international agricultural and engineering conglomerate Carr’s in a £36m transaction….
Whitworths Holdings Ltd. has bought the flour milling section of international agricultural and engineering conglomerate Carr’s in a £36m transaction.
The family-owned business which includes flour milling sub-section Whitworth Brothers Ltd., has acquired Carr’s Flour Mills Ltd. in a multi-million pound deal.
“We are joining a respected business with similar values to our own.”
In a statement by the Northamptonshire-based company described Carr’s in a statement as a “great fit geographically” arguing that the deal would give their business scope in South East and North of England as well as Scotland.
Martin George, Chairman of Whitworths was pleased with the transaction.
“Carr’s Flour Mills shares a similar history to Whitworths in that it is a long-standing business which has received material investment in recent years.”
Consolidation, he added was inevitable and essential due to increasing competition and volatility in the flour market.
Carr’s food division currently supplies flour to bakeries and food manufacturers in UK operating from three sites at Silloth in Cumbria, at Kirkcaldy in Fife and at Maldon in Essex and generated revenues of £80.3m as well as a profit before tax of £2.4m in 2015.
“I would like to welcome the employees who join us from Carr’s Flour Mills Ltd.,” Mr George of Whitworths continued in refence to the 80 employees at the Fife site and at Carr’s other mills at Silloth in Cumbria and Maldon in Essex who have subsequently transferred to Whitworths under the terms of the deal, which has provided net proceeds of £24.9m to Carr’s.
Duncan Monroe, Managing Director of Carr’s Flour Mills Ltd, said: “This is great news for everyone here. We are joining a respected business with similar values to our own.”