Finsbury looks to further buys as it integrates units
21 September, 2007
Finsbury Food Group said this week that it is ready to look at possible acquisitions, as it posted record results for 2007.
The group had almost finished intergrating latest acquisition, cake company Lightbody, which it bought in February, chief executive Dave Brooks told British Baker. It would be able to consider any deals which came along, but there was "no urgency", he stressed.Meanwhile, the company is focusing on making sure its various divisions, which also include Memory Lane Cakes, organic baker Nicholas & Harris and gluten-free speciality business United Central Bakeries (UCB) are properly "mapped together", Brooks said.Cost pressures on flour and butter were being passed on to customers he added, with price rises expected in mid-October.A new 20,000sq ft bay will be completed at UCB in the next three weeks, which will be used for new opportunities as required. The company is also going "back to basics" and researching what captures a child's imagination to provide inspiration for its childrens' cakes ranges, including the Nestlé ranges. Finbury's main challenge was "curbing its enthusiasm to try and do everything at once", Brooks added. Sales were up 50% to £109.8m in the year to 30 June, and pre-tax profit up 89% to £4.4m.