The investment, facilitated by Grant Thornton, will also be used to enhance the business’s digital channels to help enable better communication with its customers.
Ex-Tyrrells boss appointed
The investment comes as St Pierre announced the appointment of formers Tyrrells chief executive David Milner to the board as a non-executive chairman.
St Pierre Groupe founder Jeremy Gilboy (pictured left) 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”.
Commenting on his appointment, Milner said: “I am thrilled to be part of the St Pierre Groupe journey. I recognise many similarities in its working practises 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.”
Originally established in 1986 as part of a large European bakery group, Carrs Foods rebranded to St Pierre Groupe earlier this month (March).
Turnover for the bakery business rose from £16m in 2010 to £69m in 2018, which is forecast to double in the next three years to £150m. The company’s products, including the Paul Hollywood and Baker Street brands, are currently stocked in 20,000 stores worldwide, with 60% of its distribution in the US.
Meanwhile, Drinks producer The SBCo Group has completed a seven-figure deal to acquire a manufacturing facility in Cropton, North Yorkshire, in a bid to boost exports to China and Hong Kong.