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Daniels Group lead bidding for Gü
Back in August, the premium London-based desserts brand Gü was put on
the market with an asking price of £30-40m.
Gü was
launched by James Averdieck and Mordechai Wosner back in 2002. The
company has expanded in recent years with its products now being sold in
France and offered to passengers travelling on Virgin Atlantic flights.
The business also diversified to produce fruit desserts such as sponge
rolls, flapjacks, chocolate truffles and biscuits under the name Fru.
The brand has been hugely successful, with an average annual growth of
66%. However, as the recession hit consumers shunned luxury brands in
favour of cheaper alternatives thus having an effect on Gü's profits.
At the time that the brand was announced for sale many food companies were
named as potential buyers. Amongst these were Nestle, Mars, Muller
Dairy, Northern Foods and Daniels Group. Nestle were believed to be an
obvious choice to bid for Gü since they already have an extensive range
of desserts, yoghurts and ice creams. However, it is now believed that
Daniels Group are the front runners.
Daniels Group are the
company behind New Covent Garden Food Company and Johnsons Juice. They
have now edged in front of Darwin Private Equity and another unnamed
private equity firm. This makes Daniels Group the final trade firm,
which is still chasing the purchase. The sale is expected to conclude by
the end of the year.
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