Niche food group Glisten has confirmed it intends to maintain the customer base for own label manufacturer and specialist snack bar maker Halo Foods after its acquisition.
The company pledged no supply contracts would be scrapped and that it would be looking to attract more retail and manufacturing customers.
It also promised to maintain Halo Foods’ sites in Tywyn, Newport and Dolgellau, Wales.
Glisten has snapped up Halo Foods for an initial cash sum of £5.6m, plus £300,000 in shares. Up to a further £8m in cash has been pledged, provided it achieves 2005/ 2006 profit targets.
The acquisition comprises Halo Foods bars,food ingredients business Nimbus Foods and Halo Foods confectionery.
The move will add Halo Foods’ £28.5m annual sales to Glisten’s £20.8m and take the number of employees from 450 to 700. Peter Saunders, chairman and MD of Halo Foods, will remain with the business for six months, reporting to Glisten chairman and chief executive Jeremy Hamer. But once a general manager has been appointed, Saunders will become a non-executive director.