Giant snaps up Thomas Ridley Foodservice in Bury St Edmunds

Family-owned Thomas Ridley Foodservice in Bury St Edmunds has been sold to Bidcorp UK - whose parent company is based in South Africa.

The Suffolk company's 280-strong workforce - headed up by managing director Justin Godfrey - will remain, as will the company name.

The business was owned by the Godfrey family, which sold it for succession reasons and will now focus on its property business.

The firm, started by farmers-cum-coal merchants and now based in Perkins Road, has always had a strong presence in the town where it operates an 11-acre site.

It was started in 1808 by fenland farmer Thomas Ridley, who bought his first grocery shop on Abbeygate Street. It has been handed down through six generations of the family and moved its wholesale distribution site to Rougham in 1972.

Its Ridley’s Fine Food store in Bury St Edmunds - now a Prezzo restaurant - closed in 1996 following the rise of local supermarket chains but the firm did open up part of its Suffolk warehouse as a Cash and Carry. 

All the buildings, assets and vehicles at its Bury St Edmunds base will transfer to Bidcorp as part of the deal. Mr Godfrey pointed out that the business could expand by a fifth just on its current footprint.

Today the  independent food and drink wholesalers operates across 60 HGV routes, supplying a wide range of catering and hospitality customers over the East and South East of England.

Under the deal, Thomas Ridley will continue to operate as a standalone autonomous business - keeping its name, brand, people, and culture, said Mr Godfrey, who is the great-great-great-great-great grandson of the company founder.

There would be advantages to being part of a much wider reaching group, he added.

"I think it's absolutely the right thing to do for the family," he said. "It's a completely positive story and about growing the business."

Thomas Ridley enjoys sales of about £80m and has grown year-on-year - while the turnover of Bidcorp UK is about £2bn - and that excludes the group's worldwide sales, he said.

"2022 was our most successful year ever profits wise. We have had 20 years of year on year growth and year on year we have made more money each year," he said.

"It's going to allow the business to go into their network - everyone is staying on. It's a strategic sale and their strategy is to allow us to run the business on an autonomous, stand-alone basis."

As part of Bidcorp, the company now has access to one of the world's largest food-buying entities and will be a member of The Caterfood Buying Group, he said.

He thanked his staff for being part of the business's success and can-do culture.

"The Godfrey Family genuinely feel that Thomas Ridley Foodservice will continue to prosper within the new ownership structure," he told staff.

"I remain in position and the current senior team remain in position. We will be leading the way into an exciting future within The Caterfood Buying Group."

Thomas Ridley was advised on the sale by BDO's corporate team, including John Gethen and Jason Whitworth.

Bidcorp UK’s growing network of independent businesses includes Nichol Hughes, Elite Fine Foods, Caterfood, South Lincs Foodservice and Cimandis.

Its latest acquisitions make Caterfood one of the main buying groups to serve the foodservice wholesale sector.

Mr Gethen said: “Thomas Ridley Foodservice is a longstanding, independently owned business, which is a real success story in the region. It has built up a strong reputation in the foodservices market over many generations and this standout deal will help to secure its future for many years to come."

The firm serves customers across a wide variety of sectors, including healthcare, education, hospitality, hotels, restaurants and retail.

In 2014, Thomas Ridley acquired Elveden Food Hub, including the Tastes of Anglia trading business, from Elveden Farms Ltd. In 2018, the business celebrated 100 years of being a foodservice wholesaler.