The deal means that the Eid family will now become the owners of Signature Flatbreads. They said they “remain passionate about the business and the people within it”.
The joint venture was established in January 2015 between Aryzta and the Eid family, whose expertise in flatbreads brought naan breads and tortillas to the UK market. The company currently supplies the flatbreads, including tortilla wraps, pitta and naan bread, to major UK retailers and foodservice operators.
Aryzta’s focus has changed since the joint venture agreement was launched announcing that the sale was “consistent with Aryzta’s strategy to focus on its frozen B2B bakery operations and exit non-core businesses”.
This strategy followed news that Aryzta had seen a decline in revenue of 6.3% for the first six months to 31 January 2018. Aryzta said the European business had been impacted by increasing butter costs.
“Aryzta helped us to transition from a medium-sized business to a larger organisation, employing many hundreds of people,” said William Eid, joint chief executive of the business.
“As we become a family business once again, we will retain the disciplines required to support our growth, while building on our passions and the drive for innovation we have become recognised for. We look forward to an amazing future with our customers, suppliers and with everyone within the business.”
In August 2016, food and farming minister George Eustice opened a new £10m extension to Signature Flatbread’s factory in Dunstable, Bedfordshire.
At the signing of the deal with Aryzta, the company said it aimed to create 200 jobs. Signature Flatbreads was set up in 2015 with both Charles and William Eid, the former bosses of Aryzta subsidiary Honeytop Speciality Foods.