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Ministry of Cake in Taunton eyes up other firms following buy-out
A TAUNTON-based cake firm is looking to acquire other companies following a multi-million pound management buy-out.
Ministry of Cake, on Frobisher Way, off Bindon Road, has been taken over by the senior management team led by chief executive Chris Ormrod from food producer Greencore.
The firm employs more than 250 staff and has an annual turnover of £25million.
Alistair Pendleton and Pete Latham, of private equity provider LDC, which supported the buy-out, will join the firm’s board as non-executive directors.
Mr Ormrod said: “LDC’s investment brings additional strategic input and financial backing to our business and will help us to deliver ambitious growth plans.
“As well as increasing the pace of organic growth and building on our position within our core UK market, we are keen to pursue appropriate acquisition opportunities here in the UK and in related product markets.”
Ministry of Cake makes own-label cakes and gateaux, primarily for the food service industry, and is the market leader in the production of chocolate fudge cake, along with a range that includes popular desserts on pub and restaurant menus nationwide.
It produces over two million slices of cake a week for customers such as Brake Brothers, 3663, Caffe Nero, Pizza Hut, Hard Rock Cafe, Makro and Booker.
It was originally established in Yeovil in 1865 by sweet entrepreneur William Tanner Maynard and was acquired by Ireland-based Greencore in 2007.
LDC investment director Alistair Pendleton said: “Ministry of Cake is a long-established market-leading business that is being driven by consistent demand for high-quality cakes and desserts by consumers in pubs and restaurants right across the UK.”
He added: “The business provides a highly efficient service to its customer base and is supported by a well-invested infrastructure at its operations in Somerset.
“Going forward, we will work closely with the team to execute the next phase of the business’s growth and development.”
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