The fourth-largest producer of Cornish Pasties and largest locally owned producer in Cornwall has introduced a new legal structure, which sees its 150+ employees taking ownership of the Group.
Commenting on the move, Mark Norton, managing director of Prima Bakeries Group said the transition has been part of a long-term succession plan.
“We have always been proud of being a family-owned and run Cornish business and this feels a great way of extending the ‘family’ to include all our staff,” he added.
“The move reinforces our commitment to our employees and customers and allows our staff to share in the company’s success and actively participate in its future direction.
With sales growing by 20% year-on-year in 2023, the Group’s 2024 turnover is set to reach £14m. The business will also be expanding with the creation of 30 new jobs over the next five years and investing in new equipment and production capabilities.
Day-to-day management of the group will continue under the existing directors and management team. Four trustees will manage the new Employee Ownership Trust on behalf of all employees and will oversee staff bonuses arising from future profits.
Norton concluded: “I’m incredibly proud of what we’ve built at both Prima Bakeries and Cornish Premier Pasties and look forward to working alongside our dedicated team to strive for continued growth. I know the group will continue to flourish and I’m excited for the next chapter!”