ICELAND/UK. The management and other shareholders of premium chocolate supplier Elizabeth Shaw Ltd, have agreed to sell a majority of the issued share capital of the company to Noi Sirius hf, the largest confectionery manufacturer in Iceland.
The sales and marketing operations of Elizabeth Shaw will remain in the Bristol, UK area with Malachy McReynolds continuing as Managing Director. He and a number of other members of the management team as well as the former Deputy Chairman, Leonard van Geest, will remain shareholders under the revised ownership arrangements.
“I am delighted that our company now has the opportunity to take the next step in its development and move forward from a successful management buy-out in 2000 to a more broadly and firmly based participant in the confectionery market,” said McReynolds. Noi Sirius’s aim is to foster the company’s development both in the United Kingdom and abroad. The sale was facilitated by Straumur-Badaras for Noi Sirius and Grant Thornton for Elizabeth Shaw.
Elizabeth Shaw is best known for its two main brands, Elizabeth Shaw Mint Crisp and Famous Names liqueur chocolates.
Noi Sirius is a family owned company with a long- standing commitment to the confectionery industry. Founded in 1920 it manufactures a diverse range of products with an emphasis on chocolate confectionery in a variety of shapes and sizes including gift boxes. Its product range also includes chocolate wafers, chocolate-covered raisins, pastilles, caramels, jellies and liquorice. Virtually all sales are under the company’s brands. Export markets include Scandinavia, the Benelux countries, Russia and the USA.
For further information contact:
Malachy McReynolds, Elizabeth Shaw, tel: 0117 3033301 or 07776 177971
Finnur Geirsson, Noi Sirius, tel : +354 898 1020
Robert Metcalfe, Chrome Consulting, tel: 020 7554 4490 or 07947 761942
