Woodward's management take stake in business

Foodservice supplier Woodward has undergone a management buyout.

The fast-growing company was bought by its management team, which have taken a significant equity stake in the business.

Backers include investment groups Baugur Group and Talden.

"Our new independence gives us greater autonomy and the freedom to make quick decisions," said chief executive Ed Hyslop. "Woodward is in an ideal position to grow market share and provide an alternative innovative service to caterers."

The Chester-based business was part of the Big Food Group before being taken over by a consortium of investors earlier this year.

Company turnover has increased from £96m over the past two years and is expected to hit £180m during 2005. Woodward employs 1,100 people at 14 distribution sites in the UK.

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