Scotland business

Lees Foods directors launch buyout bid

Lees of Scotland logo
Image caption Lees Foods owns Lees of Scotland and Waverley Bakery

The directors of macaroon bar maker Lees Foods have launched a £5.6m buyout bid for the company.

All five existing directors, led by chief executive Clive Miquel, have made the proposed offer.

The proposed takeover price of 230p a share already has the backing of 41% of shareholders.

Lees Foods is the owner of Glasgow-based Waverley Bakery, which makes a range of wafer products under the Carousel brand.

It also owns Lees of Scotland, which makes teacakes, meringues and seasonal biscuits from a factory in Coatbridge.

Lees Foods employs about 280 people and generated estimated pre-tax profits of just under £1m in 2011.

Coatbridge-based Lees has been listed on the Alternative Investment Market since 2005.

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