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September 8, 2021

UK vegan food business Gosh snapped up by Portugal’s Sonae

Portuguese conglomerate Sonae paid GBP64m (US$88.1m) for 95.4% of Claybell, which trades as Gosh Food.

Gosh Food, the UK vegan and allergen-free products manufacturer, has been acquired by Portuguese conglomerate Sonae.

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The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
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Porto-based Sonae, which has interests in 90 countries covering sectors including retail, financial services, shopping centre management and media, paid GBP64m (US$88.1m) for 95.4% of Claybell, which trades as Gosh.

Based in Milton Keynes, Buckinghamshire, north-west of London, Gosh has a product range including falafels, quinoa bites and beetroot burgers, which are stocked by the UK’s major retailers. It also serves the private-label market.

Sonae said the deal, done via its subsidiary Soane Food4Future, follows its active portfolio management strategy “focused on innovative companies in growth sectors”.

It said Gosh, which recorded a “normalised” turnover of GBP22m in the fiscal year ended May 2021, “adjusted for Covid-19 impact”. Gosh is a “strong fit” with Sonae’s “ambition to increase its international footprint”, the Portuguese group added.

Gosh’s management team, led by CEO Jane Rayner, will continue to run the business post-deal and will hold the remaining 4.6% stake in the firm.

Just Food has asked Gosh for comment on the deal.

Last July, Gosh revealed plans to build a second production facility. It said it would spend GBP5m on a ‘free-from’ factory near its current facility in Milton Keynes.

According to the latest accounts filed at the UK’s Companies House for Claybell, the company generated a turnover of GBP20.9m in the year to the end of May 2020, compared to GBP18.6m the year before.

Operating profit stood at GBP3.4m, versus GBP3.9m in the prior year. Profit for the financial year was GBP2.5m, compared to GBP3.1m in the 12 months to the end of May 2019.

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img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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