Newly independent cake and dessert manufacturer Ministry of Cake plans to add a second UK site and double turnover in the next three to five years.
Managing director Chris Ormrod sold the business to convenience food producer Greencore in 2008 and has this week bought it back for an upfront cash consideration of £8m and deferred consideration of up to £3m.
Ormrod plans to grow the business from a current turnover of £28m to £50m in the next three to five years.
A second site in Torquay, Devon was acquired at the same time as the management buyout and will open as Ministry of Pudding in September close to the Ministry of Cake site in Taunton, Somerset. The new site will manufacture a mix of products including some existing and some new. Around 35% to 40% of the range is redeveloped every year.
“It has been a pleasure working with the guys at Greencore, but our strategies differed and gave us a chance to go independent again,” he said.
“We plan to run the business very much as it is and grow the new site. We are looking for a mix of organic growth and other opportunities. It would give us a strong position in the UK market in desserts and we aim to be a one-stop shop for the foodservice industry. The foodservice world is huge and there are a lot of places we don’t supply yet.”
Ministry of Cake supplies a number of wholesalers as well as coffee shop chains including Caffe Nero and Hard Rock cafe.
Ormrod is joined by three directors on the team and the company is backed by private equity provider LDC, part of Lloyds banking.