Supermarket bakery supplier Finsbury Food agrees to £143.4m takeover

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Finsbury Food Group is set to be bought by Isle of Man-based asset management company DBAY Advisors, with investors in the baking firm getting 110p in cash for each share. Finsbury Food makes cakes and bread bakery goods, supplying a raft of big names across both the grocery retail market and the “out-of-home eating” food service sector in the UK and Europe. I am confident that Finsbury will thrive under DBAY's stewardship in the private market Peter Baker, Finsbury Food Group Finsbury chairman Peter Baker said: “For the next phase of the Finsbury Group’s development, the business will need to pursue strategic, transformational mergers and acquisitions to achieve the scale required to be successful in an increasingly competitive and demanding market place. “I am confident that Finsbury will thrive under DBAY’s stewardship in the private market, with access to DBAY’s investment and operational support to pursue the current strategy of scaling Finsbury’s buy-and-build M&A in the future.” DBAY chief executive Alexander Paiusco said: “We have been supportive shareholders of the business for over a year and have been impressed with the management team during our ownership, but we strongly believe Finsbury would benefit from transformational M&A, including international expansion, and this would be better achieved in private ownership without the barrier of the current listing.” Finsbury’s directors intend to unanimously recommend the offer to shareholders ahead of a general meeting to vote on the deal, which, if passed, is expected to complete in the final three months of 2023.