Press Releases

February 2011

Milsted Langdon Secures Fruit Firm Rescue

A Bridgwater-based fruit and vegetable wholesalers is looking to the future with renewed confidence after local accountancy firm Milsted Langdon helped them to secure new ownership.

G&S (Cossey) Ltd, based in Bridgwater, got in touch with Milsted Langdon when their parent company’s bankers informed them that they were going to withdraw their credit facility.

Fearful of the consequences for their business and for their workforce of over 100 people in Bridgwater, they sought a ‘white knight’ investor who would support the business financially while allowing them to continue operating in the area.

Mark and David Kidner, owners of M & D Kidner Ltd and M D Fresh Produce Ltd, expressed an interest in investing and brought in Milsted Langdon as their regular advisers.

Following lengthy meetings between all parties, a takeover deal was put in place and Cossey Produce Ltd was born.

As well as advising on the deal itself and assisting with arranging finance, Milsted Langdon also assisted with the setting up of a credit control facility and bookkeeping service and provided IT, payroll and Business Intelligence services directly.

Milsted Langdon manager Mark Wilson said: “This is a company that has been trading in the Bridgwater area for a number of years so I’m delighted that we were able to help them to find a new backer, securing local jobs in the process.

“After a good deal of negotiation and hard work by all parties concerned, it is very satisfying to have reached a successful outcome.”