Britain's leading bakery brand owner Warburtons has completed the purchase of speciality bread and pastry manufacturer Giles Foods, for an undisclosed sum.
Warburtons said the agreement underlined its commitment to growth and diversification
The acquisition is the first to be made by the fifth generation of the Warburtons family and supports the firm's diversification strategy, it said.
"This agreement with Giles Foods underlines our continued commitment to growth, diversification and ultimately, creating quality products which we know people love," said Jonathan Warburton, chairman and chief executive of Warburtons. "As well as being a family-run business, Giles Foods has a strong track record in innovation and anticipating the tastes and demands of consumers."
Unbranded baked products
With an annual turnover of £26M, Giles Foods – which is also a family-run business – produces unbranded baked products, including garlic breads, dough balls, French and Italian breads, Danish pastries, tarts and buns. It sells to retailers, restaurants, pub chains and catering companies.
The company makes 137 product lines across two sites in Milton Keynes and Warminster and employs 300 people. Warburtons will run Giles Foods, with the current management team remaining in place.
David Rixon, md of Giles Foods, said a number of firms had expressed interest in acquiring the business.
"There was an enormous amount of interest from a broad range of potential partners, but Warburtons, its heritage and values, ultimately made the decision very straightforward," he said.
