Iain Macpherson, the managing director of Fiddes Payne, the UK-based cake kit-to-seasonings supplier, has decided to leave the business.
Macpherson, who held the role for eight years, chose to step down “to pursue new opportunities”, chairman Chris White said. “We will take our time to consider the most appropriate next steps regarding his replacement.”
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Fiddes Payne, which manufactures the Jamie Oliver seasonings range, hired corporate advisory firm Spayne Lindsay two years ago to look at the options for the business.
Asked how about the company’s discussions with Spayne Lindsay, White told just-food the “evaluation of various strategic options remains ongoing”. He said: “There is nothing further to add at this point.”
Chris White acquired Fiddes Payne in 1993, with the backing of two other investors. The White family own the majority of the shares in the business.
Earlier this month, Fiddes Payne filed accounts for the year ending 28 June. Turnover increased 14% to GBP17.6m (US$24.9m). Operating profit was up 19% at GBP1.5m. Net profit stood at GBP1.2m, compared to just short of GBP997,000 the year before.
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By GlobalDataSpayne Lindsay did not return a request for comment at the time of publication.
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