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Connect Yorkshire Partner Garbutt + Elliott have advised Tadcaster based, Ibbotsons Produce Limited, has announced a Management Buy Out, in a deal, for an undisclosed amount, backed by their current bankers, HSBC.

Management were advised on the deal by Tariq Javaid, Partner at Leeds and York based accountancy firm, Garbutt + Elliott, along with Matthew Smith from Andrew Jackson solicitors.

Ibbotsons potatoes was founded by Peter Ibbotson in 1982, initially supplying local chefs with specially selected varieties. As the business grew so did the customer base, taking in retail, wholesale markets and food processors.

In 2013 the business was taken over by Ibbotsons Produce with Tony Edwards joining as Commercial Director, now Managing Director. In August 2014 some of the finest growers in the country joined as investors, giving the business increased capacity to provide to some of the UK’s biggest supermarkets, whilst also giving access to a wide range of varieties, many of which are grown exclusively for Ibbotson’s Produce.

Tony Edwards says of the MBO, “We are thrilled with how smoothly and efficiently the deal went. Garbutt + Elliott offered sound and timely advice, leaving me to concentrate on the growth plans I have for the company, including reaching new customers, increasing depots and possibly bringing in new varieties of crop.”

Tariq Javaid, Partner at Garbutt + Elliott, comments, Ibbotsons now branded Braegate Produce Ltd has a strong reputation for quality and customers service in this industry and has delivered consistent growth over the last few years.  Further growth being experienced by Braegate’s customers fuelled by consumer demand will enable Tony not only continue to grow the business but also leverage its experience and reputation to capitalise on new opportunities.