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Last Updated: Friday, 26 November, 2004, 21:47 GMT
Food firm accepts takeover bid
Paul Simmonds and Peter Saunders
Paul Simmonds, from Glisten, and Peter Saunders, from the Halo Group
A north Wales food company has accepted a takeover bid worth an estimated 6m.

Halo Foods Group, based in Gwynedd, is one of the UK's largest producers of specialist nutritional snack bars.

The firm, which started in Aberaeron in the 1960s, has annual sales of 30m and production sites in Tywyn, Newport and Dolgellau.

The buyers, Glisten plc, are a group of English food companies. The firm's chief executive has said there will be no job losses as a result of the move.

The deal could be worth a further 8m depending on performances in 2005 and 2006. Glisten will also take over current bank borrowings of around 6m.

The firms which make up Glisten plc include The Glisten Confectionery Company, in Lancashire, and F Fravigar, based in Skegness.

Cereal bar
Halo Foods makes snack bars

Halo Foods manufactures around 200 million bars from its production sites at Tywyn and Newport.

Founder Peter Saunders is likely to step down as managing director of Halo Foods in the New Year, but will remain as chairman.

"This has been a very emotional decision for me as I have given this business my total commitment for nearly 30 years," he said.

"In recent years I have had countless approaches from companies that recognise the success of our operation but until now, I have not felt it right to proceed with a sale.

"The Glisten offer comes from a management board that is committed to growth and is prepared to invest in the Halo Group.

"I feel confident that I am placing this very special company in safe hands."

Paul Simmonds, the chief executive of Glisten, said: "We are very excited about this latest acquisition, which will double the size of our group.

"There will be no job losses at any of the factories within the Halo Foods Group as a result of the acquisition."

Glisten plc was formed in October 2001 with the aim of building a food manufacturing group focusing on niche sectors.

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