UK: Reynolds invests in high-end greengrocer
Reynolds, the UK’s leading independent fresh fruit and vegetable supplier, has purchased the business and assets of Solstice, a high-end, regional greengrocer based in Wimbledon, in a pre-packaged administration sale.
Founded by Philip Britten, Solstice has supplied a range of speciality fruit and vegetables, dairy and ambient products to the hospitality industry over the last 20 years.
Tony Reynolds, Managing Director of Reynolds, said ‘Both businesses share similar family values of excellent quality and service, but have their own, unique and enviable customer base. I am incredibly excited about the opportunities which lie ahead and would like to welcome the team at Solstice to the Reynolds family.’
Solstice will retain its existing identity but with the support of the team at Reynolds where necessary.
Benjamin Wiles, Joint Administrator and Managing Director at Duff & Phelps commented: ‘We are pleased to announce the successful sale of the Solstice business to Reynolds, which has facilitated business continuity and has preserved the jobs of its entire workforce. We expect the business to go from strength to strength under its new ownership as part of a successful larger fresh fruit and vegetable business.’
Philip Britten, founder of Solstice, said, ‘I am delighted at the prospect of working with the Reynolds family. I’ve no doubt that, by sharing best practices across both businesses, Solstice will have a very exciting and sustainable future ahead’.
Reynolds was advised on the transaction by Surinder Bougan of EY and Russ Hill of Squire Patton Boggs.
For more information:
Andy Weir Reynolds
Tel: +44 7508 177 077 www.reynolds-cs.com
Publication date: 2/21/2018
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