Prima Bakeries Group Acquires Iconic Biscuit Maker Furniss of Cornwall
In a landmark deal within the Cornish food industry, renowned biscuit maker Furniss of Cornwall has been acquired by the employee-owned Prima Bakeries Group for an undisclosed sum.
The acquisition sees all Furniss employees join Prima’s Employee Ownership Trust (EOT), marking an exciting new chapter for the iconic biscuit brand, which has been a staple of Cornish heritage for decades.
Prima Bakeries Group, known for its famous pasties and commitment to high-quality baked goods, transitioned to employee ownership earlier this year as part of its long-term succession strategy.
Doubling Production Capacity with New Facility
As part of its expansion, Prima Bakeries announced plans to open a new 20,000 sq. ft. production facility in St. Columb later this year, which will double the company’s production capacity for its popular Cornish pasties.
The new facility is set to strengthen Prima’s ability to meet growing demand, both locally and beyond, and signals the group’s intent to scale its operations without sacrificing quality.
Commenting on the acquisition, the managing director of Prima Bakeries expressed enthusiasm for bringing another iconic Cornish food brand into the fold, stating that this is an incredibly exciting time for them.
They went on to further add that Furniss is a brand with deep roots in Cornish tradition, and there is a lot of synergy between the businesses. Their responsibility now is to build on the brilliant work done by the previous owners and directors of Furniss, and help grow the business further.
Investment in Furniss’ Redruth Site
In addition to the St. Columb expansion, Prima is planning substantial investments in Furniss’ Redruth production facility. These enhancements will be aimed at maximising the biscuit maker’s efficiency and output, while maintaining its time-honoured commitment to quality.
Furniss has a great legacy, and they want to ensure that its rich history is preserved while also pushing the business towards its full potential, emphasised the managing director.
Record-Breaking Year for Prima Bakeries Group
This acquisition caps off a banner year for Prima Bakeries Group, which reported record sales growth across its subsidiaries, including Cornish Premier Pasties.
Sales have increased by an impressive £2 million year-on-year, with the group projecting a turnover of £15 million by the end of 2024. The managing director attributed this success to the hard work and dedication of the company’s employees, who are integral to Prima’s continued success.
The Director expressed that they are incredibly proud of what they are achieving as a group. This combination of acquiring Furniss and celebrating a record-breaking financial year is a moment that they want to dedicate to their hard-working team. They are at the heart of everything they do, and their commitment has driven them to this level of success.
Employee Ownership and Community Focus
Earlier this year, Prima Bakeries Group transitioned to an Employee Ownership Trust, a move that has already paid dividends. This model not only secures the future of the business for its employees but also aligns with the group’s core values of local investment and community support.
The managing director emphasised the importance of giving back to the region, emphasising that it feels extra special to report these figures following the end of their financial year.
What’s more, it’s proof that their model works – not only are they supporting their local people, but they are also helping the wider economy and reinforcing their place as a truly Cornish company.
A Bright Future Ahead
With the acquisition of Furniss of Cornwall, a planned expansion in production capacity, and continued growth across its brands, Prima Bakeries Group is solidifying its position as a key player in the Cornish food industry.
The synergy between the two companies, coupled with the employee ownership structure, promises a bright future for both businesses.
Furthermore, as Prima continues to grow, the group remains committed to its core principles – supporting local communities, producing top-quality food products, and fostering a collaborative and successful workplace.
Conclusion
The acquisition of Furniss of Cornwall by Prima Bakeries Group not only marks the expansion of one of Cornwall’s most beloved biscuit brands but also signifies Prima’s broader ambitions.
With new facilities, substantial investments, and a record-breaking year under its belt, Prima is well-positioned for continued success. The combination of heritage, employee ownership, and a commitment to growth ensures that both Furniss and Prima will continue to thrive, reinforcing their status as champions of Cornish food culture while contributing to the region’s economy and future prosperity.
News Credits: Prima Bakeries Group acquires Cornish biscuit maker Furniss
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