On Tuesday 9th March 2004, the management team at Packaging for Food (Holdings) Ltd, Food Board & Film (Converters) plc and Gosheron Packaging plc, the Wigan-based packaging group, completed an MBO of the group company by purchasing the shares of the previous owners, Mike Brennand, Anna Brennand and David Brennand for an undisclosed sum.

The MBO team, led by Phil Smith, Managing Director, Glen Parry, Finance Director and Paul Carter, Sales Director, have secured 100% of the stock in Packaging for Food (Holdings) Ltd through a new company, Packaging 4 Ltd. These three, together with Dave Bacon, Claire Darcy, Kathryn Harrison and other members of the strategy management team, will be providing more than £100k of equity to the new parent company which will prepare the group for growth and further development.

Mike Brennand, who retired as Chairman of the group last week, congratulated the management team for putting this deal together and thanked all members of the company that had served him and his family so loyally over the years. He wished everyone involved in the new venture every success and he and his brother, David Brennand, offered to support the transition in every way they could. David, former Business Development Director of the group, will stay on for a period of six months as Key Accounts Manager, in order to ensure a seamless changeover.

Phil Smith, Managing Director of Packaging 4 Ltd, thanked Mike, Anna and David for giving him and the team the opportunity to take the business forward from now on. Furthermore, Phil committed that he and the new team would do their utmost to build a business in which Mike would be truly proud.

For further information please call 0870 757 4448.