Finsbury Food Group Plc reached an agreement with DBAY Advisors Limited on the terms of its acquisition for GBP 143.4 million. Its shares surged more than 22% after the UK-based bakery group agreed to the takeover by Frisbee Bidco, owned by funds managed by asset management firm DBAY, Reuters reports.

Finsbury is one of the largest specialty bakery groups in the UK offering a comprehensive product range of cakes, bread and morning goods. Its sales in the financial year ended 2 July 2023 exceeded GBP 413 million.

Finsbury comprises a core UK Bakery division and an Overseas division. The UK Bakery division has manufacturing sites in Cardiff, East Kilbride, Hamilton, Salisbury, Sheffield, Manchester, Pontypool and Coatbridge.

The Overseas division comprises the company’s 85% owned company, Lightbody-Stretz Limited, which supplies and distributes Finsbury’s UK-manufactured products and third-party products, in Europe, and the company’s manufacturing facilities in Rybarzowice and Żywiec in Poland.

Photo: Finsbury Food Group