| Date: | March 2020 |
|---|---|
| Project: | Acquisition Support |
| Sector: | Distribution |
| Role: | Lead advisor to the acquiror |
Forward Corporate Finance is delighted to announce the successful completion of the acquisition of Rushtons the Chef’s Greengrocers by S Thorogood and Sons.
Thorogood, a 98 year old business headquartered in Essex, is a fruit and vegetable grower and wholesaler operating in Covent Garden, Spitalfields and Western International markets. The acquisition of Rushtons, a fruit and vegetable supplier to many of London’s finest restaurants, gastropubs and bars adds to Thorogood’s existing supplier business Classic Fresh Foods.
The acquisition enables Rushton Scranage, the 100% owner of Rushtons to begin to slow down and concentrate on the more important aspects of the business, having been in the trade for nearly 35 years. The business that he started in 2001 & will continue to operate under the Rushtons brand and it is the intention of Thorogood that Rushtons retains its independence and is supported by both Classic and Thorogood as part of the enlarged group.
Andrew Thorogood, Managing Director of Thorogood’s commented that “the acquisition of Rushtons made sense for both businesses, both running with the same ethos and culture to provide the best quality fruit and vegetables to discerning customers across London”.
Rushton commented that “although the business has changed ownership, customers will see business as usual as the standards of service and quality of produce will continue to be top priority, and the combination of the two businesses should open up more opportunities for the enlarged group across London”.
Rob Dukelow-Smith of Forward Corporate Finance advised Andrew Thorogood taking the concept of the acquisition from initial conversations through to completion. Charlie Hunter and Mark Harrison of NatWest provided funding for some of the upfront consideration and improved upon the group’s working capital facilities.