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British food company Samworth Brothers has sold the brands and shares of its loss-making sports nutrition company Sci-Mx to local retailer Supreme Imports.
However, the deal doesn’t include the 20-strong Sci-Mx workforce based at its Gloucester facility in south-west England. Your future remains uncertain.
Supreme, based in Manchester, northwest England, has acquired the Sci-Mx and Pro2Go brands for an undisclosed amount and has acquired £ 1.3 million (US $ 1.8 million) of shares.
Samworth, based in Leicester in the English Midlands, bought Sci-Mx, which makes products such as protein bars and powders, in 2015, a move that put it in a new category. The company is best known for its chilled and long-life food brands such as Dickinson & Morris Pork Pies, Ginsters Pasties and Soreen Malt Loaves. It is also a private label supplier of ready meals.
In a statement sent to Just Food, Samworth said: „Following a recent consultation, we confirmed to our colleagues that the Sci-Mx store will close on July 31, 2021. The store has been in loss for several years.”
Samworth said it was helping Sci-Mx employees find suitable alternative roles, including the opportunity to transfer them to other parts of the company.
“Closing a deal is never an easy decision. However, the sports nutrition sector has changed dramatically in recent years, ”it said.
„We have come to the conclusion that the business is not on the scale we can get it to run and the investments that are required to do so do not make economic sense.”
Supreme Imports, listed on the AIM submarket of the London Stock Exchange, is a manufacturer, supplier and brand owner of consumer products, including other lines of sports nutrition.
A statement said: “The acquisition expands the group’s growing sports nutrition and wellness category of protein powders and nutritional supplements with a number of leading and long-established retail brands.
„It will also allow Supreme to leverage the Sci-Mx and Pro2Go brands to develop existing relationships with retailers and sell these brands to Supreme’s significant customer base and through the group’s online platform.”
CEO Sandy Chadha added: “The acquisition not only expands our product offering and adds another dimension to this segment, but also provides us with an ideal position to generate additional sales power through our extensive retail presence in an increasingly important category for the group to accomplish .”
Supreme’s private customers include Asda, Poundland, Iceland and Spar.