Following continued expansion and growth, Prima Bakeries Group, which incorporates Redruth-based Prima Bakeries and St Columb-based Cornish Premier Pasties, has announced its transition to an employee-owned business. The group is currently the fourth-largest producer of Cornish Pasties in the world and the largest locally owned producer in Cornwall.
The new Employee Ownership Trust (EOT) forms a legal structure encompassing over 150 employees. Capitalising on the success of Cornish Premier Pasties and Prima Bakeries, the transfer of ownership of the group secures the future of the business and forms part of a long-term succession plan led by Managing Director, Mark Norton.
Commenting on the move, Mark Norton, Managing Director of Prima Bakeries Group said: “The transition of the group to become employee-owned is part of a long-term succession plan. We have always been proud of being a family-owned and run Cornish business and this feels a great way of extending the “family” to include all our staff. The move reinforces our commitment to our employees and customers and allows our staff to share in the company’s success and actively participate in its future direction.”
He continued: “I’m incredibly proud of what we’ve built at both Prima Bakeries and Cornish Premier Pasties and look forward to working alongside our dedicated team to strive for continued growth. I know the group will continue to flourish and I’m excited for the next chapter!”
With sales growing by 20% year-on-year in 2023, the group’s turnover will reach £14m in 2024. Future plans include creating 30 new jobs over the next five years, as well as investing substantially in new equipment and production capacity.
Day-to-day management of the group will continue under the existing directors and management team. Four trustees will manage the new Employee Ownership Trust on behalf of all employees and will oversee staff bonuses arising from future profits. Isca Ventures acted as the lead corporate finance adviser for the transaction.
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