A York-based biscuit and confectionery specialist whose customers include major retailers across the UK has been acquired from its founder for an undisclosed seven-figure sum.
Right Angle Marketing sources and markets a variety of products, selling both branded and private label goods. It sells more than five million tins of biscuits annually.
The £15m-turnover business, founded by Steve and Hilary Angle in 2001, has been acquired by fellow director John Haken in a deal that will involve a structured handover over the next five years.
Haken will acquire 90 per cent of the new group and take the reins as managing director, working alongside Steve Angle who will remain within the business as executive chairman for the next four years.
"Steve and Hilary have established a highly reputable stable of brands, developed specifically for this sector, and has created a fantastic foundation from which to grow the business in the coming years," said Haken.
"I am looking forward to growing and developing the business with a great team and great customers, further extending and developing the portfolio of products that we are so well known for within the retail sector."
Steve Angle added: "John is exactly the right man to take the business forward and continue the journey we started over 15 years ago.
"I wanted to remain involved on a day-to-day basis and help John as he steps into a new role as managing director and in many ways it will be business as usual, as I will remain with the business for at least four years."
Steve Hubbard and Martin Athey of RSM Corporate Finance advised on the deal, with support from Steve Brown on tax. Jonathan Simms and Rachael Stockley of Clarion provided legal advice to the buyer, and Alex Birch, associate at Langleys Solicitors, represented the sellers.
Birch praised Right Angle as a "great retail success story" and said that the management buy-out "opens up an exciting new chapter for the company".
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