St Pierre Groupe founders Paul Baker (left) and Jeremy Gilboy.
British bakery company Carrs Foods has received £6.7 million in funding as it rebrands as St Pierre Groupe.
The company – which makes brands such as St Pierre, Baker Street and Paul Hollywood – has also announced the appointment of former Tyrrells CEO David Milner, who comes on board as non-executive chairman.
The funding has been made by investment group the British Growth Fund and Lloyds Bank, and will see the company look to increase penetration in existing markets and boost new product development. Its products are currently stocked in 20,000 stores worldwide, with 60% of its distribution in the US.
Originally established in 1986 as part of a European bakery group, St Pierre Groupe saw its turnover rise from £16 million in 2010 to £69 million in 2018. The firm is targeting revenues of £150 million by 2022.
St Pierre Groupe said the appointment of Milner, who led Tyrrells when it was acquired by Amplify Snack Brands in 2016 for £300 million, equips the business “with additional experience and expertise to expand the global reach of its portfolio”.
Jeremy Gilboy, founder of St Pierre Groupe, said: “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.”
Milner added: “I am thrilled to be part of the St Pierre Groupe journey. I recognise many similarities in its working practices 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.”
© FoodBev Media Ltd 2019