Finsbury Food Group, a UK leading manufacturer and distributor of speciality cakes, muffins and breads, has announced the sale, by its Memory Lane Cakes subsidiary, of a parcel of surplus land at its Cardiff site.

The sale proceeds are £2.35m (US$4.38m) before tax and fees. The company said it intends to reinvest approximately £0.5m in site improvements, with the balance to be held in reserve.

"We are pleased to have disposed of this tranche of our ten-acre Cardiff site which will enable us to utilise our assets more effectively and continue to drive the growth of the business," said Dave Brooks, chief executive of Finsbury Food.