Highland Speciality supplier Right Angle Marketing has been acquired from its founders in a management buyout.

The York-based biscuit and confectionery business was founded by Steve and Hilary Angle in 2001, who have grown revenues to about £15m.

Fellow director John Haken has taken over the business in an undisclosed seven-figure deal which will involve a structured handover over the next five years.

Haken acquired a 90% stake of the new group and takes the reins as managing director, working alongside Steve Angle who remains as executive chairman for the next four years.

Right Angle, which sources and markets branded and own label biscuits and confectionery for the major supermarkets and discounters, sells more than five-million tins of biscuits annually.

It supplies the value shortbread brand Highland Speciality, made in Scotland’s Campbells Shortbread of Callander bakery, selling more than 12 million packs each year. It also sources all-butter and everyday fudge ranges, mallow products such as Snowrolls, chocolate biscuits, wafer rolls, Italian Amarettini and Cantuccini biscuits, Belgian chocolate coins and other novelty and seasonal confectionery from manufacturers in the UK and around the world.

The business holds an exclusive licence with the Bank of England to manufacture novelty chocolate coins and bank notes.

“Steve and Hilary have established a highly reputable stable of brands, developed specifically for this sector, and has created a fantastic foundation from which to grow the business in the coming years,” Haken said.

“I am looking forward to growing and developing the business with a great team and great customers, further extending and developing the portfolio of products that we are so well known for within the retail sector.”

Co-founder Steve Angle added: “John is exactly the right man to take the business forward, and continue the journey we started over 15 years ago. I wanted to remain involved on a day-to-day basis and help John as he steps into a new role as managing director, and in many ways it will be business as usual, as I will remain with the business for at least four years.”

Steve Hubbard and Martin Athey of RSM Corporate Finance advised on the deal, with support from Steve Brown on tax. Jonathan Simms and Rachael Stockley of Clarion provided legal advice to the buyer, and Alex Birch, associate at Langleys Solicitors, represented the sellers.

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