A Cornish bakery business which has seen sales soar during the lockdown has bought up a rival to create one of the largest independently-owned pasty producers in the UK.
Redruth’s Prima Bakeries has acquired St Columb-based Cornish Premier Pasties Ltd in a transaction for which financial details have not been disclosed.
But it does mean the combined business now contains more than 150 full-time staff and has more than 600 customers spread throughout the UK.
Both companies have grown significantly in the past few years and the acquisition opportunity has come about because of the retirement of Cornish Premier’s well-known owners Frank Bradshaw and Fiona Rick.
Cornish Premier became operational in its current form in 2008, and unlike many other pasty producers it refused to allow products to be available through supermarkets.
The firm, which has more than 50 staff, produces more than 30,000 pasties, sausage rolls and slices every day and supplies wholesalers, retailers and outlets in Cornwall and throughout the UK.
Prima Bakeries has been baking pasties, bread, cake, confectionery and savoury products for more than 30 years and operates a wholesale delivery service throughout Cornwall, supplying shops and convenience stores, cafes, restaurants and hotels. Among clients are Spar, Co-op and Costcutter.
Prima is also well known for its “pasties by post” service, now supplied via The Cornish Hamper Store. In late 2020 the firm had to recruit more staff after selling 800,000 pasties during the first national lockdown, sending out hundreds of boxes daily.
Owner Mark Norton acquired the bakery in 2010 after previously running a holiday business in France. Prima has originally been formed in 1978 by the Buist family, but they wanted to retire so sold the business to Mr Norton, who grew it from 19 staff to about 100, and increased production from 500 pasties a week to 30,000.
The funding for the purchase of Cornish Premier was provided by alternative lender ThinCats. Isca Ventures, which has offices in Bristol and Exeter, acted as the lead corporate finance advisers to Prima, with legal support provided by White Jackman.
ThinCats was supported by PKF Francis Clark and law firm Freeths. The vendors were supported by lawyers at Stephens Scown and business advisors Sovereign.
Mr Norton, managing director of the combined group, said: “There is remarkable synergy between Prima and Cornish Premier, both businesses share a similar culture and have a strong reputation in the market place.
“By bringing the two companies together to become one of Cornwall’s largest food and drink businesses, it will give both companies the structure and market presence to further develop the combined organisation.”
Mark Champion, partner at Isca Ventures, said: “It has been a pleasure working with both businesses and ThinCats to put this transaction together. We have no doubt this transaction will act as a catalyst for further growth of the two businesses and further consolidation in the sector.”
