The new owners of biscuit and cereal bar maker Northumbrian Fine Foods have promised sustained NPD following a management buy-out.
MD of the Gateshead-based business David Sillars bought the business from Duke Street, rescheduled outstanding debts of around £650,000 owed to third parties and invested another £750,000, with help from private equity firms. It is targeting sales growth of at least 10% to over £12m this year.
Northumbrian, which employs 150 staff, produces the Prewetts gluten-free biscuit brand. New capital means it can now invest in people, products and facilities, said Sillars. "We plan to invest in sprinklings and toppings machinery. We’ll be doing a lot of NPD in cookies, cereal bars and gluten-free.
"We’ve just launched a new gluten-free biscuit range for Asda, we’re working on a new cereal bar for The Co-op and have launched two new cereal bars for M&S."