Carrs Foods, the UK bakery business, has re-branded as St Pierre Groupe.
The company, based in Manchester in north-west England, has also secured investment of GBP6.7m (US$8.8m) from investor BGF – formerly Business Growth Fund – and Lloyds Bank.
It has also appointed David Milner, former chief executive officer of UK snacks business Tyrrells, as non-executive chairman. Milner left Tyrrells under a year after the crisps maker was sold to US group Amplify Snack Brands.
St Pierre Groupe, which owns brands such as Paul Hollywood, Baker Street and St Pierre, increased turnover from GBP49m in 2017 to GBP69m in 2018 and said it has an ambitious strategy for growth, partly linked to the popularity in the US of its St Pierre range of European-style products.
Jeremy Gilboy, co-founder of St Pierre Groupe, said: “Both the new investment and the appointment of a chairman of David’s stature, gives us great opportunity to meet our targets and continue growing at a significant pace. We’ve worked hard to be where we are today, having grown from being a British family-run company into a fast-growing global bakery business.”
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New non-executive chairman Milner said: “I am thrilled to be part of the St Pierre Groupe journey. I recognise many similarities in its working practices with those we adopted at Tyrrells. Here at St Pierre Groupe, we have a quality product in a market desperate for supply. The company’s growth in the past decade has been genuinely exciting and the international expansion and new product development gives us huge scope to go to the next level.”
St Pierre Groupe was originally established in 1986. The company’s products are stocked in 20,000 stores worldwide, with 60% of its distribution being in the US.
It provides bakery products to the global retail and wholesale markets as well as the hospitality industry and online.