Paul Hollywood bakery cooks up US expansion
The bakery group behind Paul Hollywood's bread range has revealed plans to gobble up a slice of the US food-to-go market and also has the Far East in its sights after securing investment to expand.
St Pierre Groupe, which recently rebranded from its former name Carrs Foods, is launching its first food-to-go range in America as it looks to boost its fast-growing US business.
Founder Jeremy Gilboy said the US arm generated half of its £69m (€79m) in sales last year and is set for further rapid growth, with the "massive" food-to-go sector offering a significant opportunity.
He is also looking at tapping into the Far East as St Pierre increasingly expands its international footprint - a far cry from its humble beginnings as a British bakery in 1986.
The firm has just raised £6.7m backing from BGF and Lloyds Bank for plans to accelerate expansion. It comes after St Pierre enjoyed a 40pc surge in underlying earnings last year to £7m and is forecasting turnover to double to £150m in the next three years.
Mr Gilboy said the US expansion and food-to-go range is the firm's primary focus for the moment. "The food-to-go market in America is just so massive - there's so many convenience stores and petrol forecourts in the US," he said. He added that the American love of all things brioche in recent years has helped spur growth of its St Pierre brand across the Atlantic.
In the UK, the group also trades as Baker Street and has the Paul Hollywood range, with its products stocked in 20,000 stores across Britain out of 35,000 worldwide. The Hollywood range is set for 50pc growth this year as the popularity of the Great British Bake Off TV star shows no sign of waning.
Sunday Indo Business