World News | British Indian Spice Firm Acquired by UK's Premier Foods

London, Jul 26 (PTI) The Spice Tailor, an award-winning Indian spice company created a decade ago by a British Indian couple, is to be acquired by UK manufacturer Premier Foods for an initial consideration of GBP 43.8 million.

Premier Foods, which owns several iconic food brands including producing Cadbury cakes under licence, said the acquisition of the company known for its premium and authentic Indian meal kits is aligned with the company's growth strategy.

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The Spice Tailor, founded by London-based cookery writer, TV presenter and entrepreneur Anjum Anand and husband Adarsh Sethia, has the stated mission to bring real Indian food into the homes of people around the world.

“We're very pleased that The Spice Tailor will become part of Premier Foods and are looking forward to unlocking further growth for the brand which we have nurtured since its inception,” the couple said on Monday.

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“We see Premier with their track record of brand investment and strong commercial relationships, as the perfect fit for The Spice Tailor, driving it onto the next stage of its evolution,” they said.

Under the transaction details, Premier Foods will acquire 100 per cent of The Spice Tailor shares and is expected to generate revenue of GBP 17.3 million in the 2022/23 financial year. The completion of the deal, expected within this financial year, is subject to merger control clearance.

“We have greatly admired The Spice Tailor business for some time and we're very much looking forward to it joining our existing stable of strong brands. The acquisition is well aligned to our growth strategy and we see a clear opportunity to build on the excellent track record of The Spice Tailor, by leveraging the elements of our proven branded growth model,” said Alex Whitehouse, CEO of Premier Foods, which is headquartered in Hertfordshire, southern England.

“This acquisition represents a highly complementary geographical fit, and we see significant potential to expand The Spice Tailor's distribution in all our target markets. We see this as another important milestone for us following the Group's strong performance over recent years and The Spice Tailor is an important addition to accelerate our future growth plans,” he said.

London-born Anjum Anand, 50, is the author of eight cookbooks including ‘Indian Food Made Easy' and ‘I Love Curry'. She started out to dispel the myth in the UK that Indian cuisine is unhealthy and wanted to see it being prepared by everyday home-cooks. When she saw that products in the country's supermarkets didn't represent the real flavours she grew up with, she decided to create her own range of meal kits that would taste home-made and were quick and easy to prepare and free of any artificial additives. Her vision was to take Indian food beyond the old-fashioned ideas of take-ways and jarred sauces and create a better home-cooking experience.

“I understood early on that food brought people together, and that it brought joy into our home. Indian food especially held a certain kind of magic for me,” says Anand.

“I've spent my life immersed in its complex flavours and spices. Over the last 15 years of writing recipes, cookbooks and presenting TV series on the real joys of Indian food, I've always wanted to bring real Indian food into the homes of people around the world,” she adds.

The Spice Tailor hit the stores in the UK in 2011 and has since expanded to Australia, Ireland and Canada, also winning awards at the World Food Awards.

Premier Foods was attracted by The Spice Tailor's asset light business model and authenticity reflected in the fact that the vast majority of its products are manufactured in India, by way of outsourcing to BRC accredited suppliers.

The Spice Tailor's largest markets are the UK and Australia, which accounted for 58 per cent and 35 per cent respectively last year. This expansion spree is expected to continue following the acquisition.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)