Woodward Foodservice has eight distribution centres in the Midlands, Northern England, Wales and Scotland and as part of the deal Woodward’s management will continue to manage the brand under the ownership of Brakes.
“I am delighted we have been given the opportunity to join forces with Woodward Foodservice and I look forward to welcoming Woodward’s employees and customers to the family of Brakes companies,” said Brakes group chief executive Frank McKay.
Jeremy Woodward, managing director of Woodward Foodservice, added: “I believe that this arrangement provides a good opportunity for all Woodward’s customers, employees and shareholders.
"Brakes is a highly respected foodservice company and their business strengths will help us continue to offer Woodward’s customers excellent products and service as well as providing new opportunities for our respective businesses in the future.”
The sale follows Baugur’s stated aim to focus on retailing. Last week the Icelandic retail predator sold its 31.4% stake in cash & carry giant Booker.