Premium breakfast cereal producer Primrose’s Kitchen has been acquired by a team of well-known British businessmen, with it now planning for major expansion.
PK Ventures, headed by three former Cadbury Schweppes executives and backed by a team of investors which includes the Government’s food waste champion Ben Eliot, aims to more than double the sales of Primrose’s Kitchen to £1.75m by next year and take it to a £5m turnover within five years.
Every one of the management team and backers has made a personal financial investment in the new venture.
Primrose Matheson, who founded the Dorset based business five years ago, retains a seat on the board and will continue to champion the brand.
She said: “I really could not have wished for a better team to help take the business to the next level. Not only do they have extensive top-level food industry experience, they bring expertise and commitment on environmental issues and a strong philanthropic record to the mix. I’m looking forward to working with them on new products, new markets and an even greater focus on sustainability.”
Matt Baker, Managing Director of PK Ventures, commented: “Primrose has established a truly exceptional business, based on differentiation and product excellence, supplying an ever-growing demand for organic, vegan and gluten-free foods, which are sustainably sourced. We’re delighted that she will remain central to our plans to grow the business through range and market development, both in the UK and in selected export markets.
“We see tremendous potential for the Primrose’s Kitchen brand, not only with supermarkets and premium retail, but also in hospitality, hotels, garden centres, farm shops and food service.”
PK Ventures’ management team, which comprises Matt Baker, Managing Director, Andrew Baker, Chairman and Simon Baldry, each have more than 30 years’ board-level experience in the food and drinks industry and worked together as executives at Cadbury Schweppes.
As well as Ben Eliot, other major investors are Andy Cosslett, Chairman of Kingfisher plc and the Rugby Football Union and a former senior board member at Cadbury Schweppes and Sir David Hempleman-Adams, the well-known adventurer and environmental campaigner.
Primrose’s Kitchen Muesli, Granola and Porridge is currently stocked by Waitrose, Ocado, Whole Foods Market and independent retailers across the UK.
