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November 5, 2021updated 22 Nov 2021 3:56pm

Spain’s Grupo Palacios Alimentación scoops up majority stake in UK dessert maker Rhokett

A supplier to retailers and foodservice, Rhokett was set up in 2002 by the late Michelin-starred chef Gary Rhodes.

Spain-based manufacturer Grupo Palacios Alimentación has moved to bolster its position in the UK with the acquisition of a majority stake in desserts supplier Rhokett.

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Financial terms were not disclosed. A supplier to retailers and foodservice, Rhokett was set up in 2002 by the late Michelin-starred chef Gary Rhodes, CEO Martin Dockett and chairman Peter Le Voir.

“This acquisition is aligned with our strategic objectives and our ongoing M&A activity and will allow the Palacios Group to internationalise in one of our target markets, the United Kingdom, and will allow us to continue focusing and growing in desserts, one of our core businesses,” Grupo Palacios Alimentación CEO Pedro Domínguez said.

Rhokett has three production sites in Kent in south-east England. The most recent set of Rhokett accounts filed at the UK’s Companies House showed turnover of GBP20.1m (US$27.1m) in the 12 months to 30 September 2020, versus GBP20.6m the year before.

Operating profit stood at GBP1.6m – against GBP1.3m the previous year – and profit for the financial year was GBP1.3m, against GBP966,974.

Rhokett said during the period it saw “a change in business mix”, with more sales through retail and its foodservice business hit by the initial Covid lockdowns in the UK.

Announcing the investment from Grupo Palacios Alimentación, Le Voir said the deal will “bring tremendous opportunities in the future”, adding the new majority shareholder “will be strong custodians of the key elements of the business that we and in particular Martin have built up including key customer and other stakeholder relationships, and our tremendous team”.

Grupo Palacios Alimentación already counts the UK as one of its markets outside Spain. The company sells to more than 40 countries. It has five factories in Spain and one in the US. The business generates sales of more than EUR250m (US$289.1m) across five main categories – meat products, refrigerated pizzas, ready-made tortillas, prepared dishes and desserts.

Two years ago, Spain-based MCH Private Equity and France’s Ardian Co-Investment between them bought a majority stake in Grupo Palacios Alimentación, replacing fellow private-equity firm Carlyle as shareholder.

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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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