Insider Business Cranswick buys UK Cypriot food company Katsouris Brothers

Cranswick buys UK Cypriot food company Katsouris Brothers

UK food manufacturer Cranswick has announced it has acquired Katsouris Brothers, a local Mediterranean food products business, for GBP 43.5m, Parikiaki reports.

That price could increase depending on the purchased company’s future performance.

Katsouris Brothers, which uses the Cypressa brand name, is a processor and multi-channel supplier of Continental and Mediterranean food products. The business operates from two facilities in Wembley in north west London and employs around 250 people.

Costas and Louis Constantinou, Katsouris’ managing director and commercial director respectively, will remain with the business.

Katsouris Brothers’ revenue for the year ended 30 June was GBP68m and adjusted EBITDA was GBP6m.

Cranswick, a meat products-to-sandwiches supplier, said the transaction is expected to be modestly earnings-enhancing in the current financial year.

It said the acquisition will be funded from its existing debt facilities. A further deferred contingent consideration of up to GBP7m may become payable dependent on the future performance of the purchased business in the 14 month period to 30 September 2020.

Adam Couch, CEO of Cranswick, said: “This acquisition strengthens our existing continental products business and broadens our offering in a number of fast-growing, plant based, non-meat product categories.

“The family behind Katsouris Brothers has created long lasting and sustained relationships with suppliers and the business has a strong customer base. We look forward to building on this and continuing to invest in the facilities and the team, over the years ahead.”

The Cypressa story started more than half a century ago in Cyprus. The hard work and drive of three brothers Yiannis, Theodosis and Loizos Katsouris began by trading local produce. They established a high-quality reputation and name for themselves by selling the best olives, olive oils, fruits and vegetables. By means of their success the brothers decided to move to England in 1951 to expand their horizons. Mediterranean populations were on the rise in neighbourhoods, hence making demands for authentic goods a necessity.

In 1964 the family business “Cypressa” became a limited company, importing goods from around the world.

Products are imported from Greece, Cyprus and Spain among other which are supplied across the UK and Ireland to manufacturers, wholesalers, supermarkets and independent shops.

 

Top Stories

Five Covid patients at Famagusta hospital

  Five Covid-19 patients are currently being treated at the Famagusta General Hospital, the reference institution for the disease. The fifth patient was admitted last night. According...

Authorities intensify Covid controls

  Authorities have intensified Covid-19 inspections in businesses, conducting 1150 checks across Cyprus on possible violations in accordance with relevant Health Ministry directives to prevent...

Cyprus teams continue search and rescue effort in Beirut (update)

  Members of the Cyprus Special Disaster Unit and the Police Mobile Action Unit are on ground zero in Beirut, taking part in the search...

6 police officers suspended in connection with corruption case

  Six police officers have been suspended on the orders of Chief Stelios Papatheodorou, in connection with a on-going corruption case. The officers were placed on...

An organised arson plan causes massive fire-Limassol community evacuated

  The village of Dora in the Limassol district was evacuated early this morning as a precaution by police and rescue services, as a massive...

Taste

Octopus ‘Kathisto’ (or Octopus braised in Wine)

Ingredients: 1/2 cup Greek extra virgin olive oil 2 medium onions, chopped fine 1 large octopus, about 2kg (cleaned and kept whole) 3/4 cup dry red wine 1/3 cup...

Homemade lemonade

Ingredients: 1 cup lemon juice 1 cup sugar Method: Thoroughly wash the lemons with soap and warm water. Roll each lemon with the palm of your hand, pressing...

‘Striftaria’ mini cheese pies

Ingredients 1 ½ cup milk 2 tbsps. flour 4 tsps. of butter 3 eggs, slightly beaten + 1 extra with 1 tbs. of milk for spreading 1 pack of...

Mini potato canapes baked on salt

Ingredients Serves: 12 1kg small Cypriot potatoes rock salt, as needed 250g salted butter 300ml full fat cremé frâiche 1 pot cod or salmon roe Method Prep:20min › Cook:35min › Ready in:55min Take...