Lotus Bakeries NV (ENXTBR:LOTB) agreed to acquire 80% stake in Peter's Yard Limited on June 27, 2022. The consideration represents a c2x net sales. 20% stake is already held by Financial service investment arm of Lotus Bakeries NV.

Post acquisition Lotus Bakeries will hold 100% stake in Peter's Yard Limited. PeterÆs Yard will become part of the Lotus Natural Foods business under the leadership of Isabelle Maes as chief executive officer. Peter's Yard has ú6 million in sales.

Wendy and Ian, currently joint managing directors of PeterÆs Yard, will hand over all operational responsibilities to Jean-Baptiste Robert. The transaction is expected to close on July 1, 2022. DLA Piper UK LLP acted as legal advisor to Lotus Bakeries NV.