Paterson Arran Limited, Scottish bakers and producers of shortbread, oatcakes, jams, chutney and relishes announced today that after 21 years in charge, the owners are starting the process to sell the business and retire.
The sale is being managed by PwC and the shareholders are currently speaking to potential buyers.
Paterson Arran Ltd employs about 160 people at its Livingston bakery and headquarters and around 28 staff at Lamlash, on the Isle of Arran and has invested over £2.7 million in plant and machinery over the last four years. All the potential buyers are from the food and drink industry and have the financial strength to invest in the company to continue the strong growth seen over recent years.
Last year was a very successful year for Paterson Arran Ltd. Newly published data, from market analysis experts Kantar Worldpanel, for the year to 3rd January 2016, shows 11 million packs of Paterson’s Shortbread were bought in 2015, 940,000 more than in 2014. This confirms Paterson’s as Britain’s number one branded shortbread for another year in both value terms (with 43% share) and volume (54% share)*.
Alan Hardie, Managing Director, said: “I am very proud of what we have accomplished since we bought the company in 1995 and the way we have preserved the traditions of Paterson Arran, while modernising the company and taking the company into new markets both for products and geographically.
“Our primary objective is to find a buyer who offers the best opportunity to secure the future of the company. In the meantime, it is business as usual.”
A further announcement will be made when the sale process is complete.
Source: Paterson Arran
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