Scottish ingredients firm the Albex Group has continued its expansion with the acquisition of Fiddes Payne.
The deal will enable the home baking group to grow its production, accelerate NPD and “ensure excellent customer standards are maintained”, according to a statement.
Albex has brought in a senior team, with “considerable experience in the food industry”, to rebuild the business.
John Weaver will take up the role of managing director and Iain Macpherson will be head of commercial.
Weaver was formerly CEO of now defunct wholesale Tree of Life, building revenues at the business from £29m in 2011 to £55m when he left in 2019. Macpherson is a former MD at Fiddes Payne, running the business between 2008 and 2015. He grew sales from £6m to £17m in that time.
However, Fiddes Payne has endured a tough few years, with revenues down 11.2% to £9.1m and losses growing to £600k in the year to 30 June 2023, amid a number of challenges.
Fiddes Payne challenges
As The Grocer revealed last year, Fiddes was forced to restructure after losing a long-term contract to sell Jamie Oliver-branded products.
The goods sold under the celebrity chef’s name made up about half of the Banbury-based business’ products, including ready-to-eat grains and pulses, grind mills and curry pastes sold in the the likes of Tesco, Sainsbury’s, Waitrose and Ocado.
Fiddes Payne’s largest shareholder Ben White took a more active role in the business as a result, alongside a new management team.
Albex completed a transaction to buy 100% of the business on 21 February.
The group, founded in 1986, generates annual turnover of about £450m and is focused on food ingredients, processing and distribution. It operates across ten sites and employs more than 300 workers.
In 2023, it swooped to pick up the Rainbow Dust brand from collapsed cake decoration specialist Real Good Food. It also owns bakery ingredients business BFP, premium baker good supplier Crumbs & Miller and commodity ingredients specialist Kent Foods.
Fiddes Payne brings Cake Angels and savoury plant-based brand Full of Goodness to the Albex portfolio, as well as baking licensee partnerships with Disney, Hey Duggee and Bluey.
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