In a significant development for the Cornish food sector, Prima Bakeries Group has acquired the renowned biscuit maker, Furniss of Cornwall. This strategic acquisition brings together two cherished Cornish brands under one umbrella.
The addition of Furniss’s 30 staff to Prima’s Employee Ownership Trust marks a new chapter of expansion and collaboration within the region’s food industry.
Acquisition and Synergy
Prima Bakeries, known for its exceptional pasties, has recently acquired Furniss of Cornwall, a historic biscuit maker established in 1886. This acquisition follows a record-breaking year for Prima, which has also transitioned to an Employee Ownership Trust, signalling a period of growth and consolidation.
Mark Norton, Managing Director of Prima Bakeries Group, expressed his enthusiasm for the merger, highlighting the synergy between the two brands and their complementary product lines. He stated, “>This is an incredibly exciting time for us, as we bring another iconic Cornish food brand under our wing.<"
Historical Significance of Furniss
Founded by John Cooper Furniss, Furniss of Cornwall holds the unique distinction of being the only company globally licensed to produce The Original Cornish Fairing. This traditional biscuit has been a beloved treat for generations, cementing Furniss’s place in Cornish heritage.
The integration of Furniss’s esteemed product range with Prima’s offerings will create opportunities for innovation and market expansion, reinforcing their collective commitment to preserving Cornish culinary traditions.
Employee Ownership Transition
With the acquisition, all 30 employees of Furniss will join Prima’s Employee Ownership Trust. This transition underscores Prima’s dedication to inclusive growth and support for its workforce.
The move to employee ownership has been a milestone for Prima, contributing to its recent success. The group’s turnover is projected to reach £15 million by the end of 2024, reflecting the benefits of a motivated and invested team.
Future Investment Plans
Prima Bakeries is poised for further growth, with plans to invest in enhancing production facilities in Redruth. This investment will bolster Furniss’s capabilities, enabling it to achieve its full potential.
Additionally, Prima is set to launch a new 20,000 sq. ft. production facility in St Columb. This expansion will double the production capacity for Prima’s award-winning pasties, supporting increased demand and operational efficiency.
Mr Norton remarked, “>I’m very proud of what we’re doing within the group. The combination of the purchase of Furniss and having a record-breaking year is a moment that I want to dedicate to our hard-working team.<"
Strategic and Financial Achievements
The Prima group has reported significant financial achievements, with a £2 million year-on-year sales increase. This financial growth is a testament to the group’s strategic vision and effective execution.
The acquisition was facilitated by Mark Champion of ISCA Ventures and Tim Jackman of Whyte Jackman, reflecting meticulous planning and expert advice.
Community and Economic Impact
The merger of Prima and Furniss has positive implications for the local economy, supporting job creation and economic stability within the region. The commitment to employee ownership further enhances this impact.
By integrating Furniss into its operations, Prima is reinforcing its identity as a truly Cornish company, dedicated to both local heritage and economic vitality.
Conclusion
The acquisition of Furniss by Prima Bakeries marks a transformative moment for both companies and the broader Cornish food industry. This merger not only preserves but also enhances the legacy of two iconic brands.
With their combined strengths and shared commitment to innovation and tradition, Prima and Furniss are well-positioned for continued success and growth.
In summary, the acquisition of Furniss by Prima Bakeries represents a pivotal development in the Cornish food sector. The merger promises strengthened operations, increased market presence, and sustained economic benefits for the region.
Through strategic investments and a dedicated workforce, the combined entity is set to flourish, upholding Cornish culinary excellence and driving future growth.
