Real Good Food disposes of jams and preserves unit

20th Dec 2018 09:04

(Sharecast News) - Bakery and ingredients developer Real Good Food disposed of its jams and preserves wing R&W Scott for a total of £1.5m in cash on Thursday.RGF received £1m upfront for R&W, with a further £0.5m deferred until 30 September. The Scottish outfit's new management team also assumed £2.45m worth of third-party debt.The AIM-listed group said it would use the cash proceeds, along with the £8.6m already received from its disposal of Garetts and Haydens, for "working capital purposes".Chief executive Hugh Cawley said: "This disposal, alongside those of Haydens and Garretts, marks a significant milestone in the turnaround and performance improvement programme of Real Good Food.""Overall, through the actions of the last twelve months, the performance of, and prospects for, what is now a smaller and more focused group, have improved considerably."As of 0900 GMT, RGF shares had slipped 4% to 6p.