The assets and trade of St Helens-based KapaK Foods Limited has been acquired by Foodpack Limited, a new company backed by Seneca Partners from administrator FRP Advisory. Foodpack has also been supported with a refinancing package from Secure Trust Bank and will trade as Foodpack Limited.
The investment and support package from Seneca and Secure Trust Bank amounts to approximately £7.5m and safeguards 150 jobs associated with the company. The ongoing business will continue to trade from the same premises in St Helens.
Experienced food industry professionals Alistair Marsden and Anthony Hitchen have joined as senior directors and sit on the Foodpack board, owning between them a majority share in the Company.
The funds provided by both Seneca and management (Mr. Hitchen and Mr. Marsden) have provided Foodpack with a robust capital structure and firm financial footing from which growth will be driven.
Anthony Hitchen and Alistair Marsden have extensive experience in building successful businesses in the food industry. Anthony previously owned prepared chilled food specialist Hitchen Foods plc (sold to Bakkavor) and Alistair has owned two biscuit companies namely Rivington Foods Limited (sold to Van Delft, Holland) and Northumbrian Fine Foods Limited (sold to Burtons).
Seneca Partners is part of the wider Seneca stable of companies which form a broad based financial services business with circa £500m of assets under management.