UK bakery Warburtons has sold malt loaf manufacturer Soreen to compatriot cake company Inter Link Foods for £8.4m (US$13.6m).
Apart from its malt loaf, which is the UK’s third biggest-selling branded cake, Urmston-based Soreen also manufactures fruit loaves, snacks, cereal bars and own-brand malt loaf to supermarkets.
Soreen, which currently employs 140 people, was formed as part of Manchester’s Imperial Bakeries and was bought by Warburtons in 1959. In 2001 Soreen posted turnover of £10.2m and operating profit of £1.37m.
Inter Link, which makes sponge cakes, celebration cakes, swiss rolls, chocolate mini rolls and bakewell tarts, yesterday [Wednesday] posted record interim results.
The company said it turnover in the six months to 31 October was £24.5m, a rise of 9% year-on-year. Pre-tax profits were up 11% to £1.6m, reported the Manchester Evening News.