Fiddes Payne seeks new MD as it looks for a 'punchy' sale price

Home baking specialist Fiddes Payne is searching for a new managing director as the shareholders seek to conclude a sale of the business.

Iain Macpherson has left after eight years at the helm. He steered the business through a period of rapid growth, recording five consecutive years of double-digit turnover hikes between 2009 and 2013.

“After eight years as MD, Iain decided to leave the company to pursue new opportunities,” FD Robert Moorhouse said.

Formed in 1993, Fiddes supplies the major supermarkets with the Cake Angels baking brand, Disney and Pixar cake decorations and a range of Jamie Oliver herbs and spices.

Majority shareholder Ben White, who sold online messaging security group MessageLabs for $695m in 2008, appointed corporate finance boutique Spayne Lindsay in early 2014 to target potential investors.

However, the process has yet to yield results, as the White family holds out for a “punchy” valuation, according to several dealmaking sources.

In Macpherson’s final year, Fiddes returned to double-digit growth, with revenues up 14% to £17.6m and pre-tax profits rising 20% to £1.5m.