Real Good Food has completed the disposal of its sugar business Napier Brown to Tereos, and announced it received a further £3.4m for the business.
The business said the extra £3.4m was due to an increase in the working capital figure over the initial £7m estimate. This meant the total payment received from Tereos was £10.4m.
Tereos has now approved and agreed the completion accounts, concluding the deal.
Pieter Totté, executive chairman of Real Good Food said: “The total consideration for the sale of Napier Brown is £44.4 million. The deal has significantly altered the financial platform from which the company can now operate. We have positive cash balances and are cash-generative and profitable. We look forward with great optimism.”