21 December 2011
Bakkavör Group announces today that it has acquired the remaining 52% of the shares in the food and beverage supplier Gastro Primo, a food and beverage provider in Hong Kong.
This acquisition follows Bakkavor’s initial purchase of 48% of the shares in Gastro Primo in March 2008 and further strengthens Bakkavör’s presence in South East Asia. The cost of the acquisition is not deemed material to the Group overall and will be financed from Bakkavor’s internal cash resources.
Gastro Primo specialises in supplying food service operators and retailers with high quality food and beverage products in Hong Kong and Macau. Its diverse product range includes ready meals, soups, sauces, fruits, vegetables, salads, sandwiches, as well as fruit juices and smoothies. The company was established in 1990 and currently employs over 180 people in Hong Kong and Macau. Its turnover in the year ended 2010 was £7 million.
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