MBO team at Thomas J Fudge's moves on following review

The management team behind a buyout at Thomas J Fudge’s Remarkable Bakery have sold their stakes and left the brand amid a shake-up by private equity backer Livingbridge, The Grocer can reveal.

The PE owner, which took a majority stake as part of the MBO in April 2016, has appointed a new leadership team following a review, with the equity previously held by joint MDs Paul Vita and Vickie Best redistributed among the new management.

Garry Biggs, who has more than 30 years’ experience of leading global and national consumer goods and foods brands, including two years as marketing director at United Biscuits, joins as CEO. He also led an MBO at pottery manufacturer Denby in 2004 and led the business for 10 years.

Simon Tovey, Richard Littlewood and Emma Davies have joined as commercial director, operations director and finance director respectively. A Livingbridge spokesman said the team had “significant” experience of scaling up international consumer brands.

Founded in 1916, Dorset-based Thomas J Fudge’s remained in the hands of the Fudge family for 100 years until control passed to Livingbridge, commercial director Paul Vita and operations director Vickie Best last year.

Turnover increased 19% in 2015 to £11m on strong growth in the sweet branded business, as well as the private label savoury side, according to the latest available accounts at Companies House.

The brand has branched out from supplying Waitrose to winning listings with Tesco, Morrisons and Sainsbury’s in recent years. It also supplies own label to the mults.

The Grocer understands growth at the company remained strong in 2016 and sales are on course to hit £20m within three years.

Demand has been higher than originally anticipated by Livingbridge, with Biggs brought in to maximise the value of the brand and improve the distribution channel strategy, product strategy and operational performance.

Livingbridge has also invested more money to increase capacity at the Dorset factory, which makes more than 6.5 million biscuits a week and employs more than 130 staff.