McCambridge to offload cake business01 October 2012
BritisH food firm McCambridge has revealed plans to sell its own-label cake division.
Blackburn, Lancashire-based McCambridge said that it had received several speculative enquiries for the business and will now formally consider offers.
“Following a strategic review of the business, it was agreed that our cake division has great potential and requires capital investment to realise that potential. Following approaches from third parties, it was decided to consider a sale of the business," said Simon Webber, McCambridge's chair.
“The cake division is growing both in sales and profitability, so is an attractive option for a new investor. Staff have been informed of the proposed sale and it is very much ‘business as usual’, with our bakeries delivering the same high levels of service and quality to customers."
McCambridge employs around 1,100 people at sites in the UK, Ireland and Poland. The firm, which also makes tarts and muffins, said that staff will transfer to a new owner should a sale be agreed.
In the year ending 30 June, McCambridge delivered an EBITDA of £8.5 million on a turnover of £115.5 million.