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August 5, 2020

Baxters Food Group enters UK chilled market with deal for Orexis Fresh Foods

Soup-to-condiments maker Baxters Food Group has snapped up a business to bolster its presence in another category.

By Dean Best

Baxters Food Group has snapped up UK firm Orexis Fresh Foods, a deal that marks the soup-to-condiments maker’s entry into the country’s chilled-foods market.

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Privately-owned Baxters, headquartered in Edinburgh, described the London-based Orexis Fresh Foods as “a well-established fresh-food manufacturer specialising in chilled, ready-to-eat products”.

Set up in 1991, Orexis Fresh Foods supplies a range of dips, including salsa, houmous and guacamole, to retail and foodservice customers in the UK under its own brands, private label and licensing arrangements.

Audrey Baxter, the executive chairman and CEO of Baxters Food Group, said: “The acquisition is part of our global growth strategy and offers us the opportunity to expand our UK offering into chilled food.” Financial terms were not disclosed.

Baxters Food Group is predominantly an ambient-food business. Outside the UK, it markets a chilled product in Australia and some frozen lines in the US.

The most recent set of accounts for Baxters Food Group available at the UK’s Companies House cover the 12 months to 30 March 2019.

Revenue fell 11% to GBP302m (US$396.6m) on the back of the company’s sale of its business in Canada in May 2018.

Stripping out the impact of the disposal of the Canadian assets, net sales stood at GBP300.5m, up from GBP299.3m a year earlier. 

On a reported basis, EBITDA was GBP33.3m, versus GBP27.6m the previous year. EBITDA before exceptional items, which included the impact of the Canada sale among other one-off costs, was down 15% at GBP29.2m.

Before exceptional items, Baxters Food Group’s profit for the period was GBP6.1m, against GBP15.95m a year earlier. On a reported basis, profit reached GBP7.4m, compared to GBP8.8m the previous year.

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Free Whitepaper
img

What is the impact of historically high inflation on the UK consumer landscape?

The average UK consumer is experiencing a severe cost-of living crisis as inflation surges to a forty-year high and the price of goods continues to rise. This shock is the result of the sharply increasing costs of commodities, energy, and the ongoing conflict in Ukraine, and is threatening FMCG manufacturers, retailers, and foodservice operators’ ability to survive and grow. Inflation will have a profound effect on many consumer-facing industries in 2022 and beyond. Consult GlobalData’s new whitepaper, Inflation in the UK: The Impact of Historically High Inflation on the UK Consumer Landscape, to better understand shifts in consumer behavior and their impact on spending patterns, as well as the implications for UK businesses. This whitepaper covers:  
  • Why has global inflation returned with a vengeance?
  • What is the current inflation situation in the UK?
  • What impact is inflation having on UK retail sales?
  • What tactics are businesses relying on to tackle the effects of high inflation?
  • How are consumers changing their behaviors to cope with the higher cost of living?
  • Which industry sectors are most vulnerable to reduced consumer demand?
  • How is the government responding to high inflation?
  • How long will high inflation last in the UK?
  • How can your company survive and thrive in a high inflation environment?
Enter your details here to receive your free whitepaper and ready your business for these increasingly uncertain times.
by GD50 Custom
Enter your details here to receive your free Whitepaper.

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