We may only be a four days in to 2017, but there is already a contender for the tastiest – or, at least, stodgiest – deal of the year.
Samworth Brothers, the company behind Ginsters, has reached an agreement to acquire West Cornwall Pasty Co. The deal will mean increased competition for Greggs.
The Endless-managed Enact Fund today confirmed the sale of West Cornwall Pasty Co, which was its first investment in April 2014.
Enact said the sale represents its first realistion and a 5.5 times return to investors, who include former England footballer Danny Mills.
The fund said it had overseen a quadrupling of profitability, extended the products on offer, increased till points from around 50 to more than 300 and led a “major overhaul” of the brand.
“We recognised the unrealised potent strength of the brand back in 2014, despite the business having seriously lost its way in the very competitive food-to-go market,” said Chris Peck, executive chairman of the West Cornwall Pasty Co.
“The future looks really exciting for the brand and it is with considerable satisfaction that we have been able to team up with Samworth Brothers who we viewed as the ideal suitor and custodian of the business for the future.”