The Fresh Olive Co. has been acquired by the UK firm’s founding and former management team, just-food can reveal.

The business, which serves the UK foodservice sector, was put on the block after its owner, Novel Group, went into administration last month.

A statement from Fresh Olive said the business had been “re-capitalised” and was “debt-free”.

Commercial director Charlie Hodges said: “We’re delighted we can take Fresh Olive back to the very core of what we do best and focus on supplying our premium Mediterranean offer to our loyal foodservice customer-base.”

Another Novel Group business, cheese wholesaler H&B Foods, was the subject of its own management buy-out last month.