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Finsbury Foods earns its bread and butter in Goswell acquisition

BAKER Finsbury Foods yesterday announced it taken another bite out of the bread market, acquiring rival Goswell Enterprise for &pound;2.2m.<br /><br />Finsbury Food&rsquo;s subsidiary bread making unit, Nicholas &amp; Harris, has snapped up Goswell, whose brands include Vogel&rsquo;s, Cranks, Doves Farm and Caribbean Cuisine. Goswell last year reported earnings before interest and tax of &pound;0.4m in the year to October 2008, from sales of &pound;5.4m.<br /><br />Finsbury said Nicholas &amp; Harris will make an initial payment of &pound;500,000 while the remaining &pound;1.7m will be paid in installments over the next four years.<br /><br />Aim-quoted Finsbury&rsquo;s chief executive Martin Lightbody, who took over the role in September last year, said the acquisition will extend the group&rsquo;s product range.