Matrix tucks into Maynard

Matrix Private Equity has completed its seventh management buyout in just 12 months, investing £2.1 million in Maynard Scotts – the UK’s ‘largest manufacturer of chocolate fudge cake for the food service industry.’

Existing managing director Chris Ormrod led the buyout of Maynard, which generated turnover of £12 million last year. Operations director Bill Phillips and finance director Jim McLaughlin, who was introduced to Maynard by Matrix earlier this year, were the other key figures involved.

Founded in 1862 and based in Somerset, Maynard manufacturers a range of cakes, desserts and pastries, selling its produce to a variety of food service distributors and pub groups, including Brake Brothers and the Hard Rock Café Group.

‘Maynard is a leader in a niche market and we have been very impressed by what the management team has achieved,’ comments Matrix’s Bob Henry.

GE Commercial Finance provided additional debt funding to the transaction.

Leslie Copeland

Leslie Copeland

Leslie was made Editor for Growth Company Investor magazine in 2000, then headed up the launch of Business XL magazine, and then became Editorial Director in 2007 for the online and print publication portfolio...

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