In local business news:

L&F Jones the long-standing family-run foodservice operation based out of Norton Radstock has announced that it has sold its wholesale and butchery divisions to Devon-based foodservice supplier, RD Johns.

L&F Jones (trading as Jones Food Solutions) has supplied a range of ambient, chilled and frozen goods and meat to the foodservice sector for over 100 years.

Following the transaction, the company retains its core hotel and convenience store operations. RD Johns, a foodservice distribution company primarily supplying the trade, has been operating for over 40 years in Devon, and more recently Cornwall. The acquisition expands RD Johns' geographic footprint and offers greater scale and a broader customer base.

The advisors for the deal said that " the transaction combines two culturally similar businesses with a family-owned heritage in their respective local communities. "

The newly formed group will continue to trade during the coronavirus crisis.

L&F Jones' acting Chairman, Robin Allen, said: "The deal with RD Johns brings together two businesses which have culture at the heart of their operations.

"Our customers and suppliers are key stakeholders and this transaction ensures there will be continuity in these relationships.

"With the support of our advisors, we were able to structure a deal and process that strengthened the wider L&F Jones business and ensure the transaction was completed quickly and efficiently".

Tim Ball, Mazars' Bristol Office Managing Partner, said: "I am delighted that our regional Corporate Finance team was able to help this Somerset based family business, that has been trading for 109 years since its first retail shop opened in Stratton-on-the Fosse in 1911.

"It has grown and thrived during that period, and survived two World Wars, so we are very pleased to have helped secure an excellent deal for the shareholders, employees and suppliers during the current coronavirus crisis. Mazars in the West Country specialises in working for privately owned businesses and our involvement in this transaction demonstrates the strength of our services to that sector."

Josh Thorneycroft, Deal Advisory Associate Director at Mazars, said: "This transaction has illustrated that it is very much possible to complete deals in the current market, providing there are willing parties and a strategic rationale to do so. We are delighted to have structured a deal that worked for all parties and that addressed the complexities of carving out multiple divisions from the Group."

Paul Joyce, Josh Thorneycroft, Frances Mowat and Rhys Lewis (Mazars, corporate finance) and John Richardson and Lizzie King (Thrings, legal advice) were lead advisors to L&F Jones on the transaction. Boyce Hatton (legal advice) advised RD Johns.

On its web site the company states it carries " a vast range of products for our retail, catering and licensed customers. We stock approximately 6,500 catering and retail products, consisting of, chilled and frozen foods, fresh meat, grocery, household, non-foods, beers, wines, spirits, soft drinks, confectionery, crisps & snacks."