East Durham's IG Group snaps up Newcastle firm in seven-figure deal

An East Durham hospitality suppler has snapped up a North east rival in a seven-figure deal.

IG Group has acquired Newcastle-based Crosbys Catering Services, talking the group’s total headcount to 175 and seeing the firm close in on a targeted £50million group revenue.

Family firm Crosbys, a specialist supplier to the bar and catering industry, will remain under the leadership of Roger and Ben Crosby, sons of founder Bob Crosby.

Stephen Hoey is CEO at the Peterlee-based IG Group CEO.He said the two companies were a perfect match: "This combination of two family-based firms in the North East strengthens both businesses significantly.

"We share an inherent passion for excellent customer service, family values and a commitment to sustainability and ethical trading.

"We have ambitious sales plans for 2024 and onwards, including the development of the Crosby brand and the introduction of heavy and light catering equipment to IG Group, backed by Crosbys’ expertise in the area.”

Stuart McLaren, Global Relationship Director at HSBC UK, which assisted with the purchase, added: "The North East has long established a robust hospitality scene and we’re proud to have helped two family-run businesses conclude this deal.

"We look forward to seeing the positive impact the acquisition will have on both businesses and indeed the sector and region."