Brake Bros has consolidated its position as the leading supplier of food to the UK catering industry by snapping up fish wholesaler M&J Seafoods.
The group is to buy M&J, which supplies seafood to national catering groups and airline and contract caterers, for around £44 million.
The company has secured the agreement of 95 per cent of M&J's shareholders and expects to take control of the company within seven days. M&J will remain a stand-alone business inside the Brake Bros group and will be run by its current management.
Brake Bros is already the leading supplier to UK caterers, pubs, restaurants and food outlets through its Brake Bros Foodservice business, its chilled food business Watson & Philip and its distribution service Puritan Maid.
Chairman Frank Brake said the group was still on the lookout for more takeovers in the UK and France, its other key market. The latest acquisition announcement came as the group unveiled record pre-tax profits for last year
of £36.5 million, up from £30.1 million.
Turnover was up to £967.1 million from £755.9 million. Its French operations saw a modest sales rise. Operating profits at its core Foodservice business were up by more than 21 per cent, helped by a strong rise in sales by its Larderfresh business which provides fine foods to professional chefs.
Brake Bros plans to introduce an Internet ordering service by spring this year which will allow its catering customers to order deliveries around the clock. The total dividend for the year will be 14.15p a share, up from 12.3p.
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