Logistics Development invests £4.2m more into Finsbury Food

Logistics Development Group announced on Tuesday that it has acquired a further 5,132,000 shares in Finsbury Food Group at an average price of 81p each, for a total cash consideration of £4.17m.

The AIM-traded firm said the investment was in addition to that which it announced on 26 August.

Following the purchases, the company said it was interested in 8,832,000 Finsbury shares, representing 6.77% of its issued share capital.

“Finsbury operates a specialty foods business which supplies boxed cakes to supermarkets located throughout the United Kingdom,” the board said in its statement.

“Finsbury's products include novelty and celebration cakes, chocolate cakes, and muffins.”

Logistics Development noted that for the 53 weeks ended 2 July, Finsbury reported a pre-tax profit of £17m, and as at 31 December 2021, it had net assets of £113.9m.

At 1052 BST, shares in Logistics Development Group were up 0.01% at 12.25p.

Reporting by Josh White at Sharecast.com.