Court sides with insurers in £3mn-£4mn W&I ruling over gluten-free bakery deal
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Court sides with insurers in £3mn-£4mn W&I ruling over gluten-free bakery deal

Ayesha Venkataraman
10 July 2023
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The High Court last month ruled in favour of multiple Lloyd’s insurers including Axis in a warranty and indemnity (W&I) dispute, upholding their denial of a £3mn-£4mn ($4mn-$5mn) claim that hinged on the meaning behind a “material adverse change” before an acquisition.

The case concerned the acquisition of a specialist gluten-free baker Ultrapharm by food manufacturing group Finsbury for £20mn via a share purchase agreement.

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