Pasty and pie maker Brittons of Devon has been bought out by the existing management, who have just secured several major contracts worth £2M.
Managing director Steve Hathaway, operations director Paul Whitaker and sales and marketing director John Savege bought the business from private investment company Quanon for an undisclosed sum.
The management is now restructuring the firm, including "trimming the team by a couple of low level positions" and moving services like accountancy back into the local area.
Brittons, which makes chilled and frozen own-label and branded products for the retail and foodservice markets, has also recently secured several multi-million pound contracts.
It now has a listing with Asda in Plymouth, as part of the supermarket chain's regional sourcing initiative, for a chilled branded product. If successful, the product will be rolled out to 15 South West stores, with a potential business value of £1M.
A further national contract, which could also be worth up to £1M, has been secured with Lidl to supply two large baked/chilled pies under the store's own label. Brittons made a £40,000 capital investment to satisfy the deal.
In addition to two products already listed with Tesco Metro through bake-off supplier Bakehouse, it now has another trial listing at a London Metro store.