Betta Foods finds buyer, Sale finalised on Friday the 13th
Australian liquorice manufacturer Betta Foods has sold its business to New South Wales based confectionery company Prydes Confectionery Holdings. The sale settled on Friday 13 March 2015.
Australian Food News reported in January 2015 that Betta Foods had been placed in voluntary administration in an attempt to save the business by selling it. The confectionery business had only recently been acquired by Re:Capital, the Australian arm of UK-based investment company Hilco Capital, in October 2014.
Established in 1954, Betta Foods produces liquorice and marshmallow products under the Capricorn and Eskimo brands. The company also produces private label liquorice, marshmallow and ice cream cone products for Australia’s largest supermarkets and fast food groups. Betta Foods has an annual turnover of $30 million.
Prydes is a NSW based confectioner and has been in operation since 2009 and owned by Jose and Daniel Sanchez. The Betta Foods purchase is their fourth acquisition in five years.
Sale follows ‘strong interest’ in assets and business, administrator
Cor Cordis, Voluntary Administrators of Betta Foods said the sale includes plant and equipment assets, intellectual property, business names, stock, and rights of vendor under contracts with customers. Cor Cordis Managing Partner Bruno Secatore said the sale followed a period of strong interest in the Betta Foods assets and business.
“We are pleased to be able to reach terms for purchase of the assets of Betta Foods, including its trademarks and business names,” Mr Secatore said. “This purchase shows there is a future for the Betta Foods brand and its product lines,” he said.
Betta Foods staff to be made redundant
Mr Secatore said remaining staff at Betta Foods would be made redundant, but would have the prospect of being employed by Prydes in the near future.
“Prydes will begin operating the business later this month under a new structure,” Mr Secatore said. “We have been in regular contact with the relevant unions. Obviously these manufacturing facilities require trained workers to operate and we understand Prydes will be interviewing the Betta Foods staff next week to see who they may employ going forward,” he said.
The remaining staff, comprising 13 administrative and 82 manufacturing staff (57 of who are full time and 25 casual), were made redundant late last week. Mr Secatore said that staff entitlements are protected under law and through the Fair Entitlements Guarantee Scheme.
