UNIGATE shares climbed 15p to 357p as the group confirmed its purchase

of distribution specialist Glass Glover which comes just days after its

agreed #50m cash bid for Clifford Foods and its #17m purchase of some

Co-op milk operations.

Glass Glover had been about to come to the market when Unigate stepped

in with its offer of #54m. A valuation some #10m less than this was

projected under the flotation. The company had been the subject of a

#47m management buy-out in 1988.

Unigate's three purchases this month will push its gearing over 60%

but no rights issue is planned

because further disposals will reduce it. In particular, the group is

considering floating its successful American restaurant interests under

the Black-Eyed Pea and Taco Bueno names. This raised its profits by

13.5% to #8.4m in the six months to last September and it should make

around #15m for the full year. So it would command a good price, easily

enough to pay for this month's purchases.

Glass Glover operates in the same market as Christian Salvesen, run-

ning warehouses and distribution networks for major retailers like

Littlewoods, Asda and Tesco. It will fit in with Unigate's existing

Wincanton Distribution Company. In its last full year, the latter made

trading profits of #11.4m, which compares with Glass Glover's #5.5m.

The shuffling of assets at Unigate began with the arrival of Ross

Buckland as chief executive in 1990 and activities disposed of have

included J.P. Wood poultry, an American cheese business, and Giltspur

exhibition organising. The idea is to concentrate on food and

distribution to leading retailers.