New bosses at Toms Confectionery aim to create £80m business in five years
The new owners of own-label confectionery firm Toms are on a mission to double the £40m business in the next five years.
Entrepreneurs Steven Joseph and Chris Marshall, who led a management buy in at the sweets firm backed by Close Brothers Growth Capital earlier this month, both have considerable experience in the food industry.
“The opportunity came up for Toms and I thought it was an exciting company,” said Joseph. “Own-label is fairly stable and, in general, the market is growing. Tesco in particular has been growing very rapidly. These are markets where you have to be flexible and Toms has been successful due to a portfolio of products.”
The Blackpool-based company has plants in Liverpool and Poole employing 450 staff, said Joseph.
“In the next five years, we’d like to double its size. We will acquire more firms if anything suitable comes up. We are planning to expand production where the market is growing, such as in the area of marshmallows, manufactured at the Liverpool site. Child orientated products, manufactured mainly at Poole, but also at Liverpool, such as jelly beans and fruit drops, are also a growth area.”
The new owners are also planning to rename the company: “Once we’ve thought of a new name, we’ll rename it - suggestions are welcome!" said Joseph, who has worked with companies including confectionery firm Portfolio Foods, convenience foods business C Shippam and The British Pepper & Spice Company.
“We’re fairly new off the starting block, so I guess we’re still in the honeymoon period,” he added.
