Branded dairy business Staple Dairy Products has been acquired by its three directors in a management buyout.
The Manor Park cheese and Cuisine butter manufacturer has been bought in the MBO with financial support from HSBC bank, alongside private investment by the new owners.
MD Kim Palmer, sales and marketing director Michael Brown and finance and operations director Bob Stubbins have purchased the Kent-based supplier from founder Derek Robbins.
Following the change of ownership, the directors have revealed plans to change the name of the business from Staple Dairy Products to Staple Food Group.
Staple supplies cheese, butter, aerosol cream, convenience egg products and microwavable rice to retailers, food service and food manufacturers.
The supplier reported a 60% jump in sales to £33.3m in the year to 31 March 2018, while pre-tax profits grew to £229k.
“Our strategy is to continue building and evolving our portfolio of brands and new products and to increase our retail presence whilst retaining and developing our strong partnerships,” Palmer said.
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