Singapore Food Industries, the new owner of troubled supplier S Daniels, has pledged to pump cash and expertise into the company, best known for its New Covent Garden soup subsidiary.
Singapore Food Industries put in an offer to buy Daniels last Friday in a deal valuing it at £23.4m. SFI Chief executive Peter Tay told The Grocer there was cash available to bring forward Daniels' investment plans: "There is money available. We have a strong balance sheet and will strengthen the management. But Rob Burnett [Daniels CEO]will remain firmly in charge. We know Daniels faces some short-term challenges, but we believe it has medium and long-term potential."
SFI would sit down with Burnett and look at synergies between Daniels and SFI's ready meals business near Newcastle in the coming weeks, said Tay.
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Singapore Food Industries put in an offer to buy Daniels last Friday in a deal valuing it at £23.4m. SFI Chief executive Peter Tay told The Grocer there was cash available to bring forward Daniels' investment plans: "There is money available. We have a strong balance sheet and will strengthen the management. But Rob Burnett [Daniels CEO]will remain firmly in charge. We know Daniels faces some short-term challenges, but we believe it has medium and long-term potential."
SFI would sit down with Burnett and look at synergies between Daniels and SFI's ready meals business near Newcastle in the coming weeks, said Tay.
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