UK food firm Finsbury Food Group has signed an exclusive five-year tie-up with the UK arm of Swiss food giant Nestlé.
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Under the agreement, which will start on 1 January 2004, Finsbury Food will extend some of Nestlé’s chocolate and confectionery brands into the ambient cake sector in the UK, reported Dow Jones International News.
Finsbury Food, through its Cardiff-based subsidiary Memory Lane Cakes, is to acquire the exclusive rights in the UK to create, manufacture, promote and sell cakes and muffins under Nestlé’s brand names, such as Smarties, Nestlé Double Cream, Milky Bar, Rolo and After Eight.
The aim of the venture is to increase Nestlé’s presence in the sector to £50m (US$78.3m) per year.
Finsbury Food expects to create up to 100 new jobs over the five-year contract term.
