North east family firms complete seven figure acquisition deal with HSBC UK backing

IG Group, one of the UK’s largest hospitality suppliers, has completed a seven-figure deal to acquire Newcastle-based Crosbys Catering Services.

Sunderland-based IG Group, an independent supplier of tableware, glassware, catering, and janitorial supplies to pubs and clubs, has acquired Crosbys from Unitech Industries, strengthening its operations and hospitality offering.

The deal takes IG Group’s total headcount to 175 and sees the firm close in on a targeted £50m group revenue.

Family firm Crosbys, a specialist supplier to the bar and catering industry, will remain under the leadership of Roger and Ben Crosby, sons of founder Bob Crosby.

Stephen Hoey, IG Group CEO, said: “This combination of two family-based firms in the North East strengthens both businesses significantly. We share an inherent passion for excellent customer service, family values and a commitment to sustainability and ethical trading. We have ambitious sales plans for 2024 and onwards, including the development of the Crosby brand and the introduction of heavy and light catering equipment to IG Group, backed by Crosbys’ expertise in the area.”

Stuart McLaren, Global Relationship Director at HSBC UK, added: “The North East has long established a robust hospitality scene and we’re proud to have helped two family-run businesses conclude this deal. We look forward to seeing the positive impact the acquisition will have on both businesses and indeed the sector and region.”

• By Mark Adair – Correspondent, Bdaily
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