Following several months of negotiations, the senior management team has bought 85 per cent of Community Foods Ltd from Community Foods GROUP Ltd, formerly known as Milk Marque.
In the new ownership structure, the senior management will own 85 per cent of Community Foods Ltd through their buyout vehicle, Micross Natural Foods Ltd. The remaining 15 per cent is held by the Milk Pension Fund.
It is the management’s belief that with significant changes that the company has undergone in recent years, that the change in ownership and the stability that it will deliver will be in the best interests for all stakeholders, customers, suppliers and employees.
The company has made significant progress in the past year in delivering its restructuring plan and following the buyout, the management and employees will have a clear incentive in delivering the company’s aspirations in full.