UK crisp maker Tayto Group has bought control of local firm Portlebay Popcorn for an undisclosed sum.
Tayto has acquired a majority stake in Devon-based Portlebay, which went into administration on 31 January after a period of “difficult trading”.
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Tayto and two of the founding shareholders, Jonty White and Neil Adams, acquired the trade and assets from administrators. The business will be run independently from Tayto although it will have access to the wider group capabilities and know-how.
Paul Allen, Tayto’s CEO, said: “This is great investment for us, popcorn is a growing market and Portlebay is a great, premium product. We are also delighted that all the staff, including founders Jonty White and Neil Adams, will be staying on and will continue to run the business. It is a fantastic opportunity for us to combine our many years of experience and some investment with their exuberance and innovation but, for now, we just want to provide some stability and security for both staff and customers. We are in the process of putting together a plan for how we are going to develop Portlebay and will be sharing that with the trade in the near future, so watch this space.”
