Supreme Plc buys sports nutrition manufacturer FoodIQ

5th Jan 2024 07:35

(Sharecast News) - Supreme, the AIM-listed supplier of branded and licensed consumer products, has purchased out of administration the trade and assets of sports nutrition company FoodIQ UK.

Supreme, which supplies discount retailers and supermarkets with non-discretionary products like batteries, lightbulbs, protein bars and household goods, is taking over FoodIQ UK for £175,000.

The acquisition gives Supreme access to its purpose-built, automated contract manufacturing facility that opened only 18 months ago, which cost almost £1.2m to build.

Supreme expects that the facility to increase its wellness manufacturing capacity by around 40%.

"We are delighted to have completed this acquisition, which provides our fast-growing Sports Nutrition & Wellness division with the manufacturing capacity required to meet growing demand," said chief executive Sandy Chadha.

"We have used Food IQ in the past to manage capacity requirements in our Sports Nutrition & Wellness division so are familiar with their capability."

The stock was down 0.1% at 113.36p in early deals on Friday.