Icelanders buy Lincolnshire fresh produce group

Iceland's Bakkavör Group – owners of  Geest - has further strengthened its UK business with the acquisition of  Lincolnshire-based Exotic Farm Produce Group, a produce and fresh prepared foods company from the John Rannoch Group. The consideration price,  which remains confidential, was financed through and paid by the Group's  own cash resources.

Exotic Farm Produce supplies the major UK grocery retailers with  speciality fresh produce, fresh prepared vegetables and salads as well as fresh prepared meals and meal accompaniments. The company is located  in Kirton, Lincolnshire and employs 370 people.

 The company will be consolidated into Bakkavör Group from the  acquisition date, but the acquisition will not have a material effect on the Group's financial results during this financial year.

Ágúst Gudmundsson, Chief Executive Officer, said: "Exotic Farm Produce Group has a good strategic fit with our existing  businesses and will further strengthen our position in the UK produce and  fresh prepared foods markets. This is a successful and well-invested  business with good prospects for continued growth through existing and  new customers in the UK and abroad."