Mathiesons Bakery and More Food forge closer ties
Prestige Bakeries Limited, the holding company for Mathiesons Bakery, has recently increased its shareholding in More Food, the family run premium handmade cake producer, from 5% to 40%, in recognition of the growing working relationship between the two businesses.
When Prestige acquired Anglo-Austrian Patisserie Limited at the end of 2015, some of ifs production was transferred to More Food. At the same time, Prestige acquired a 5% shareholding. Since then, Mathiesons and More Food have worked closely together on new product development, production planning and sales, to the benefit of both companies and their customers.
With that strong and growing relationship in mind, Pemberton Capital decided that there was an obvious business case for directly supporting the expansion of the More Foods business by investing further in More Food through an increased equity holding. More Food has grown rapidly over the past few years and is targeting sales of £ 8.5m in 2017.
Pemberton and the board of Prestige are highly confident that the increased shareholding will create a dynamic growth platform for both More Food and Mathiesons.