The management buyout meant Park Cakes would continue to build on the success of previous years, the manufacturer said. Park Cakes’s turnover increased to £160M in its latest financial year, from £110M in 2013.
Park Cakes chairman Gareth Voyle said: “Park Cakes is a leading supplier of cakes and desserts and is proud to supply the UK’s leading retailers with premium quality products.
‘Grow our company’
“I would like to pay tribute to our highly skilled and loyal workforce, who remain at the heart of our commitment to grow our company in the years to come. I would also like to place on record my thanks to Vision Capital for their support to the business and for working closely with us to conclude this buy out.”
A Vision Capital spokesman said: “Vision Capital is pleased to announce the realisation of its investment on March 14.”
The sale wouldn’t affect manufacturing or staff, Park Cakes said.
The cake maker supplies own-label products for Tesco, Sainsbury, Morrisons, Marks & Spencer, The Co-op, Lidl and Aldi. It makes about 100 all-year round products, and a further 30 seasonal products.
Evolving trends
It targeted the market’s evolving indulgence and convenience trends when making its products, it said. These included angel cake, apple turnovers, bramley and blackberry pies, bread and butter puddings, custard tarts and celebration cakes.
“Informed through a robust category management process, product development is the life blood of our business, always beginning with the consumer, the various eating occasions and most importantly ending in customer satisfaction,” Park Cakes said on its website.
Park Cakes operates out of bakeries in Oldham and Bolton, employing between 1,500 and 2,000 staff, dependent on the season.
The manufacturer said it consistently achieved scores of eight out of 10 from Campden BRI tests on new and existing products.
Park Cakes sale – at a glance
- Management buys Park Cakes from Vision Capital
- Business will continue to grow, management said
- Won’t affect manufacturing operations