MBO at pie and pasty firm

The management team acquired the business from its London based owners following a strategic review. In order to ensure the future success of the business, a programme of restructuring and reorganisation has already begun.

Steve Hathaway, managing director, said any changes would be related to commercial and financial restructuring, rather than the day-to-day running of the business, although there had been a few staff redundancies as a result of the management buyout.

He said: "In shareholder terms the buy out represents a new era for the company and recognition of the quality of our products is growing, and calls from prospective customers are coming in every week. A full communication exercise is under way to ensure that all members of staff are informed of the change of ownership and the staff changes. As the new owners, we intend to build upon the company's reputation for high quality and good service over the years to come."

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