Food legend Maggie Beer sells rest of her Barossa-based company to Longtable for $10 million, will stay on

South Australia’s favourite cook, Maggie Beer, has sold her remaining stake of the food company that bears her name — but will stay with the brand for two more years.

• 2017: Maggie Beer Products posts full year loss of $2m
• A year ago: Maggie Beer sets exit deadline as losses continue

After a 40-year journey with the food company that bears her name, Maggie Beer is stepping back, but not out, of the business.

Ms Beer, a South Australian food legend whose company Maggie Beer Products is famous for its quince paste, pate and burnt fig ice cream, has sold her remaining 52 per cent stake in the company to Longtable, the listed company that owns the other 48 per cent.

Ms Beer will stay on in a product development role for two years however, and will have a seat on the Longtable board and be a significant shareholder in the business.

The deal is worth $10 million in cash and shares.

Ms Beer said she had great belief in her team and her products and could not have imagined stepping out of the business.

Maggie Beer cooks turkey at her Pheasant Farm Restaurant in Nuriootpa. Picture: Matt Turner.

“I would not be coping today if I had just shut the door.’’

Ms Beer said she had been working 70-hour weeks because of the complexity of being involved with the product side as well as the farm and farm shop in the Barossa Valley — which will stay with the family.

“The farm shop is the public face and will continue to be.’’

Ms Beer said she would be turning more of her focus to the Maggie Beer Foundation, which she set up to educate cooks who were feeding the aged in our community, in facilities such as aged-care homes.

Ms Beer said the foundation had just received a $500,000 grant, which would allow it to film online training modules, allowing it to spread its message much wider.

“The filming needs my energy for the cooks and chefs to show what’s possible,’’ Ms beer said.

Ms Beer, 74, started the company with her husband Colin in 1979. It now features her name on a range of 73 products.

Longtable also announced Maggie Beer Products had returned to profit, saying it had “considerably improved its operating performance with growth from new categories and major retailer sales along with an active cost out program’’.

The company made $1.48 million before tax in the first half, up from a loss of $90,000 for the previous corresponding period.

Maggie Beer food products.

“The Maggie Beer team has successfully managed costs to create a profitable, sustainable business with a very powerful brand that is highly regarded by consumers looking for premium food products,’’ Longtable chief executive Laura McBain said.

“We are currently finalising negotiations to acquire the remaining 52 per cent of the equity in this business that Longtable does not already own and bring the brand firmly into our portfolio.’’

Longtable bought its 48 per cent share in the business in 2016 for $15 million with $10 million going towards growth opportunities for the business, including into Asia, and $5 million to Ms Beer and her family as they sold down some of their stake

In 2017, the company said Maggie Beer Products faced an annual loss of up to $2.6 million and was forced to write down the value of its investment from $15 million to approximately $5 million to $6 million.

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