UK craft bakery Geary’s has sold a majority stake in the business to food industry veterans the Unsworth family.
The company, based in Leicester in the English Midlands, is a supplier to major retailers including Aldi and M&S.
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It said it wants to use the investment to “deliver against an ambitious strategic growth plan” which includes launching branded products.
The Unsworth family previously owned and ran the Aimia Foods business prior to selling to Cott Corporation in 2014. Gary and Ian Unsworth founded Aimia Foods in 1981, whilst Gary’s son Rob ran the business as managing director from 2008.
The investment in Geary’s will see the Unsworth Family take a majority stake in the 113-year-old family business, with Jason Geary, a fourth generation baker, remaining as managing director and continuing to oversee the development and growth of the business.
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Rob Unsworth will become company chairman with a brief to deliver against a top-line growth plan.
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By GlobalData“The focus will be on innovating the category with the introduction of world-first technology, a new plant and further employment,” the company said.
Rob Unsworth added: “We have been watching Geary’s for some years and saw a business that exceeded on quality, has first-class facilities and delivered a strong sales growth. It was clear this was a business we wanted to be a part of. Our aim is to support the existing infrastructure and add value.
“We have an ambitious growth target over the next couple of years and together we are, nothing but confident, in achieving it.”
Jason Geary said: “The business has seen a substantial turn in fortune over the last decade and in most recent years the investment ploughed into the company has ensured an enviable trajectory of growth. The new investment with the Unsworth Family will enable our future plans to become a reality and we are excited about the partnership and this next chapter.”
Geary’s two factories bake more than one million individual loaves and rolls a week.
Over the last 18 months, the company has been working on developing its own brand of bread which will be launched early in 2020. It has already secured its first listing with an unnamed major retailer.
Financial details of the deal were not disclosed.
