Privately-owned chilled meat producer Parkam Food Group has acquired UK sandwich maker Freshway Foods a matter of hours after it was placed into administration, just-food can reveal.
“Freshway went into administration… and we purchased it within some hours,” Parkam owner Chris Just told just-food today (31 March).
Just said that Freshway, now trading as Freshway Chilled Foods, continued production uninterrupted during the handover, meaning that the company was able to retain its major retail customers, including Asda and Sainsbury’s.
Parkam is retaining all 250 personnel with some changes at a senior management level, he added.
“We aren’t disclosing the purchase price… suffice to say we bought it in administration,” Just said.
In addition to Freshway, Parkam operates a number of RTE chilled meat subsidiaries – Parkam Chilled Foods, Trophy Foods, Tranfoods, Lincs Turkeys – supplying own-label chilled meats to UK retailers.
“The acquisition fits our technical expertise, it produces RTE sandwiches and meat is a natural sandwich filler,” Just said.
Just added that the company expects to generate significant synergies.
“We are seeing some major vertical integration benefits… Plus we will be looking at putting together a more coordinated approach in our customer accounts. We are developing a more total solution to our customer base,” Just said.