Business

Friday 2 December 2016

Greencore snaps up UK sandwich firm for €17.9m

Published 25/07/2016 | 08:04

Patrick Coveney Picture: Gary O' Neill
Patrick Coveney Picture: Gary O' Neill

Irish food firm Greencore has become the latest company to snap up a UK business since the Brexit decision.

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Overseas firms have made almost 60 transactions with British companies, reaping the benefit of the weak sterling.

Greencore has purchased The Sandwich Factory in a £15m (€17.9m) deal as it looks to extend its presence in the high-growth food to go category.

Last year The Sandwich Factory, which operates from a single facility in Warwickshire, brought in £42m in revenue.

The company expects the deal to make little impact on earnings this year, but will be modestly accretive thereafter.

Greencore chief executive Patrick Coveney said the deal makes "strong strategic sense" for the business.

"The Sandwich Factory will extend our reach into customer channels in which we are currently under represented, notably convenience stores and the travel sector, and will also bring new product types into the Greencore portfolio. We are delighted to be adding more capacity to our manufacturing network, and to be welcoming new colleagues to our business."

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