£160m turnover cake maker in MBO
Oldham-based Park Cakes – a maker of cakes and desserts for major super stores – has been bought from its private equity owner by its own management.
The £160m turnover company, which also has a factory in Bolton and employs more than 1,500 staff, has been sold by Vision Capital.
It customers include Marks & Spencer, Tesco, Sainsbury’s, The Co-op, Morrisons, Aldi and Lidl.
Chairman Gareth Voyle said: “Park Cakes is a leading supplier of cakes and desserts and is proud to supply the UK’s leading retailers with premium quality products.
“I would like to pay tribute to our highly skilled and loyal workforce, who remain at the heart of our commitment to grow our company in the years to come.
“I would also like to place on record my thanks to Vision Capital for their support to the business and for working closely with us to conclude this buyout.”
Turnover has risen from £110m in 2013 to its current turnover of £160m.
In the year to April, 2016, the company also posted pre-tax profits of £834,000, compared to pre-tax losses of £13.5m in 2015.
Browne Jacobson acted for the buyer, while Bond Dickinson acted for the buyer on the banking side. Macfarlanes acted for Vision Capital.
