Geary’s Bakery is set to ramp up its growth efforts after receiving a major investment by the Unsworth family.
The Unsworths, who founded Aimia Foods before selling it to Cott Corp in 2014, have acquired a majority stake in the 113-year-old Leicester-based family business for an undisclosed amount.
The investment will help the bakery achieve its ambitious growth plan of £60m in two years, focusing on introducing “world-first technology, a new plant and further employment”.
The company achieved revenues of £24.7m in 2018.
Geary’s has reported 65% growth over the past couple of years after investing £15m into a new site at Glenfield which enabled it to meet the exponential growth demand of its biggest customer, German discounter Aldi.
MD Jason Geary will continue in his role overseeing the development of the business, while Rob Unsworth will spearhead the business as chairman.
Unsworth said: “We have been watching Geary’s for some years and saw a business that exceeded on quality, has first-class facilities and delivered a strong sales growth. It was clear this was a business we wanted to be a part of.
“We have an ambitious growth target over the next couple of years and together we are nothing but confident in achieving it.”
Over the past 18 months, Geary’s has been working on developing its own brand of affordable breads, due to launch in early 2020 after securing listings with a “major retailer”.
No comments yet