Thomas J Fudge, biscuit maker, has revealed it has been working with corporate adviser Grant Thornton about the potential sale of the business to achieve growth plans.
The company told British Baker’s sister company The Grocer, that it was exploring options which included attracting external investors to facilitate growth plans.
Trefor Griffith, head of food and beverage at Grant Thornton, told the publication: “As a result of significant investment in the brand over the past three years, the business has enjoyed strong growth and has developed ambitious targets for the immediate future – designed to ensure it remains a leader in the category.
“GT has been working with the company on its long-term growth plans, in particular advising on additional funding sources to support its accelerated growth agenda.”
The family-run business has recently undergone part of its major rebrand, changing its name from Fudges, and revamping its packaging and website.
According to the magazine, the business was aiming to quadruple sales and profits over the next five years to close to £40m and £4m respectively as it looked to further its export and foodservice business.
Managing director Stephen Fudge also told The Grocer: “We have always been very open to what the opportunities are and we have some great plans moving forward. If something like PE is going to help, then we may look at it, but at the moment it is about internal resource and maximising what we have got here.”
The Dorset business already supplies Waitrose and has listings with most other major retailers.