Ethnic products manufacturer the Authentic Food Company (AFC) has unveiled an ambitious plan to boost turnover by 80% by expanding into a broader range of meals and snacks.
The Manchester-based firm, which is celebrating its 20th anniversary this year, wants to take turnover from £14m in 2004 to £25m by 2009, said group marketing manager Nik Basran.
“We need to do something different to create another £11m in four years and we have identified the breakfast market as a key opportunity, along with children’s meals and hospitality at sporting events,” said Basran.
According to market researcher TNS, the cooked breakfast market is the fastest-growing hotel meals sector, he said. “There is also a growing demand for breakfast products at workplaces, universities, roadside service areas and petrol forecourts,” he added.
AFC’s new breakfast products, to be launched in early 2006, include hand-held filled hash brown bars as an alternative to pastry-based products.
The company is also exploring opportunities for linked promotions with beer brands, pub companies, ferry companies and football clubs. “This has worked really well for us in the past, with a beer and a curry for a set price, for example. We are also looking at things like branded kiosks at football stands, corporate hospitality and even the video rental market.”
The company has removed the phrase ‘fine ethnic cuisine’ from its logo to emphasise its new broader focus, added Basran.