Lightbody performance is 'ahead of expectations'
06 July, 2007
Finsbury Food Group, which acquired Lightbody in February, will pay the vendors the maximum deferred consideration payment of £8.7m, as a result of an "excellent performance".
Lightbody is "ahead of expectations", with the Thorntons' branded cake range "particularly positive", according to a trading update released last week.Chief executive, Dave Brooks, told British Baker that as part of the post-acquisition plan, the integration of Coatbridge-based California Cakes into the Lightbody of Hamilton site is due to start this month.Brooks said trading has "remained strong in all subsidiaries" of the group, including its premium and celebration cakes, low-fat slices and speciality, organic and gluten-free breads.Sales for Memory Lane Cakes have grown by 10% year-on-year, with bread bakery Nicholas and Harris up 17%. The turnover of the Scottish cake businesses of California Cakes and Campbells Cakes are up a combined 28% for the 32 weeks to June 2007. United Central Bakeries, which was severely damaged by fire in October 2006, is now close to returning to full production and lines for potato scones and yum yums were now complete.