St Pierre Groupe, which recently rebranded from Carrs Foods the international branded bakery business, has secured an investment of £6.7m from BGF and partner Lloyds Bank, facilitated by Grant Thornton. At the same time, it has announced the appointment of David Milner, former CEO of Tyrrells, who comes on board as non-executive chairman.
The investment in the Manchester-based bakery group, which includes brands, St Pierre, Baker Street and Paul Hollywood, is to accelerate international growth as well as investing behind digital channels to enable more direct and closer communication with consumers.
Originally established in 1986 as part of a large European bakery group, Carrs Foods rebranded to St Pierre Groupe March 2019. With turnover rising from £16m in 2010 to £69m in 2018, St Pierre Groupe is forecast to double its turnover in the next three years to £150 million by 2022. The company’s products are currently stocked in 12,000 stores worldwide, with 60% of its distribution in the US.
The appointment of David Milner, who took Tyrrells, a quintessential English snack brand, and made it an international success that changed hands in 2016 for £300m, equips St Pierre Groupe with additional experience and expertise to expand the global reach of its portfolio. The investment also paves the way for its ambitious growth strategy, enabling it to increase its penetration in existing markets and introduce new product development.
Jeremy Gilboy, founder, St Pierre Groupe, says: “Both the new investment and the appointment of a Chairman of David’s stature, gives us great opportunity to meet our targets and continue growing at a significant pace. We’ve worked hard to be where we are today, having grown from being a British family-run company into a fast-growing global bakery business”.
David Milner, non-executive chairman, St Pierre Groupe, says: “I am thrilled to be part of the St Pierre Groupe journey. I recognise many similarities in its working practises with those we adopted at Tyrrells. Here at St Pierre Groupe we have a quality product in a market desperate for supply. The company’s growth in the past decade has been genuinely exciting and the international expansion and new product development gives us huge scope to go to the next level.”
Ben Clarke, relationship manager at Lloyds Bank Commercial Banking, said: “St Pierre Groupe is a classic example of a fast-growing business whose ambition and emphasis on quality has attracted global demand. For regional businesses to become internationally-recognised brands, it’s vital that they have the correct funding and support network in place to grow. It’s for these reasons that we’ve pledged to lend £18 billion to UK businesses this year, with £1.3 billion of this earmarked to go to firms across the North West.”