Prima also announced plans to open a new 20,000 sq. ft (1,858m2) production facility in St Columb later in the year, doubling production capacity for its pasties.
All members of Furniss’ staff will join Prima’s Employee Ownership Trust.
Commenting on the acquisition, Prima Bakeries Group managing director Mark Norton said: “This is an incredibly exciting time for us, as we bring another iconic Cornish food brand under our wing. There is a lot of synergy between the businesses, as well as complementary product ranges, so our responsibility is to now build on the brilliant work that the previous owners and directors have done, to further grow the business.
‘Reach its full potential’
“Looking forward, we will be investing in the production facilities on-site in Redruth, to support Furniss to reach its full potential.”
Prima’s lates acquisition followed the group’s transition to employee ownership earlier this year. Norton described the move as part of the group’s long-term succession plan.
The group also announced a ‘record years’ for both Cornish Premier Pasties and Prima Bakeries, with sales growing by £2m year-on-year and the turnover of the Group expected to reach £15m per annum by the end of 2024.
‘Integral to our success’
“I’m very proud of what we’re doing within the group,” Norton added. “The combination of the purchase of Furniss and having a record-breaking year is a moment that I want to dedicate to our hard-working team, who have been integral to our success.
“Earlier in the year we announced the group’s transition to an Employee Ownership Trust, so it feels extra special to report these figures following the end of our financial year. It’s proof that we’re supporting both our local people and the wider economy, whilst also reinforcing Prima Bakeries Group’s position of a truly Cornish company as we continue to go from strength to strength.”
Meanwhile, Valeo Foods Group has agreed to acquire I.D.C Holding, strengthening its presence in Eastern Europe.
