Doric Group bolts on Food Innovations

TURNOVER at a Manchester-based packaging company has hit £40m after it acquired a Leicestershire-based bakery supplier.

Doric Group has acquired  Coalville-based Food Innovations after securing a funding package from The Royal Bank of Scotland (RBS).

Based at Trafford Park, Doric Group is a privately owned group of companies, with diversified activities across a range of industries.

Since 2004, the business has expanded organically and through the acquisition of complementary businesses, predominantly within the food packaging and home baking sectors.  The acquisition of Food Innovations, a major supplier of retailer branded food and non-food home baking products is a result of the firm’s ongoing growth and diversification strategy.

Doric Group now employs around 300 staff across six UK sites and is looking for more strategic acquisitions.

Finance director Bruce Murray said: “We have enjoyed significant growth over the last few years through a combination of organic growth to UK and export markets, innovation and acquisition.
 
“We are delighted to complete the acquisition which is a perfect fit for our group of companies and will enhance our current service offering. We were attracted by the Food Innovations name, the work and obvious skills of the workforce and its excellent reputation.”

Steve Bunker from the RBS Banking team in Bolton worked alongside Kevin Steven and Craig Cheetham in the bank’s corporate transactions team. Advisers for the deal were Addleshaw Goddard and Baker Tilly working on behalf of RBS andlaw firm  Turner Parkinson and Royce Peeling Green on behalf of Doric Group.

Mr Bunker, a corporate manager at RBS said: “Doric Group has a strong track record of success and this latest deal supports their impressive growth strategy.

“All the group’s manufacturing takes place in the UK, which in turn supports the local and UK economy.”