Partnership Investment Finance

Old Fashioned Smokehouse aquires rival

 

 

THE COMPANY

 

 

Founded in September 2005, The Old Fashioned Smokehouse is a traditional fish smoking business based in the Port town of Grimsby on the Humber estuary.

 

The company is one of the few organisations that still uses the traditional methods of curing fish with smoke to preserve it.

 

Grimsby fish is an international product, with supply chains all over the world.  Alongside the sale of locally caught fish, deliveries are constantly coming into Grimsby from all over the world - predominantly Iceland ,  Norway and the Faeroes .  Two to three times as much fish is sold directly to the major processors from these sources, making Grimsby a centre of international trade in fish and seafood products.

 

 

THE CHALLENGE

 

 

Looking to grow through the acquisition of a related business, The Old Fashioned Smokehouse became aware of the sale of RJ & ER Noble, a family-owned business and supplier to independent fishmongers, restaurants and wholesalers.

 

The previous owners of RJ & ER Noble were keen to sell the business to someone who would continue the company’s traditions and values – with over 37 years in the industry, John Coxall, managing director of The Old Fashioned Smokehouse, represented an ideal buyer for the company.

 

 

THE SOLUTION

 

 

After a detailed series of discussions with PIF Senior Lending, Graham Leake, the fund decided to provide the business with a loan of £50k to support the acquisition of RJ & ER Noble, safeguarding the jobs of eight employees.

 

John Coxall Managing Director of the Old Fashioned Smoke House said: “When I saw that RJ & ER Noble was for sale, I thought it was an excellent opportunity for the Old Fashioned Smokehouse to expand, as the two companies complement each other perfectly.

 

“The previous owners were keen to sell the business to someone who would understand and support the company’s traditions and values and practices, which we do.”

 

Graham Leake, Senior Lending Manager at PIF said: “We were pleased to be able to support the Old Fashioned Smokehouse with this acquisition as John and his team seemed the perfect people to take RJ & ER Noble forward, with over 37 years of experience in the industry. We were impressed with their business plan and we are always keen to do business in the region’s coastal areas, which do, of course, fall within PIF’s target areas.”

 

 

 

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