March 2011

Management Buyout of Northumbrian Fine Foods

The management team of NFF have purchased the business with assistance from a number of long term investors including CriSeren Investments and Food Investment Group. The new investors have provided new equity capital and will receive continued support from GE Capital. The Directors have invested more than 35% of the total requirement. NFF’s new holding company is called NFF Ventures Ltd

NFF manufactures biscuits and cereal bars from a site in Gateshead where it employs 150 staff. The strategy is to increase market share and profitability through the growth of proprietary branded, retailer branded and contract manufacturing, supported by strong new product development activity. The company is also a specialist manufacturer of gluten free products under their Prewetts brand.

The provision of new capital means that NFF now has the strength and stability to invest in people, products and facilities so that it can continue to grow sales and delight customers.

Trading in the latter part of 2010 has shown strong growth as a result of a significant product launch programme involving both retailer brand and licensed products. This has included a new range of Thorntons cookies, the relaunch of the Geobar range for Traidcraft and a licensing deal to produce and sell Jammie Dodger and Maryland cereal bars.

The NFF team is led by David Sillars who has been joined by ex-colleagues from Northern Foods, Stewart Housecroft and Kirk Connor. The Board will be chaired by food industry veteran Peter Macielinski and will also include Bill Hazeldean from the Food Investment Group.