Finsbury Food Group appointed Bob Beveridge to its Board as Non-Executive Director

– UK, Cardiff – Finsbury Food Group Plc (AIM:FIF), a leading UK manufacturer of cake, bread and morning goods for both the retail and foodservice channels, is pleased to announce the appointment of Bob Beveridge FCA as a Non-Executive Director with effect from 1 July 2017.

Mr Beveridge, aged 61, has wide ranging public company experience and over 30 years as a financial and strategic leader of blue chip companies. Following his tenure at McBride plc, Europe’s leading Private Label Manufacturer of Household and Personal Care, where as Group Financial Director he led a series of earnings accretive acquisitions, Mr Beveridge has gone on to hold numerous non-executive roles, supporting and advising growth companies.

Mr Beveridge was also formerly Group Finance Director at both Cable & Wireless Communications plc and Marlborough Stirling plc.

Peter Baker, Non-Executive Chairman of Finsbury Food Group Plc, commented; “On behalf of the Board and the wider Group, I would like to welcome Bob to the business. Our Board is comprised of experts in their fields and Bob’s appointment is a strong addition and one that complements our current strengths. The recent reshaping of the Board shows our commitment to having the expertise and capabilities to help build upon our strong market position, drive growth and continue to deliver shareholder value.”

Finsbury Food Group Plc (AIM: FIF) is a leading UK manufacturer of cake and bread bakery goods, supplying a broad range of blue chip customers within both the grocery retail and ‘out of home eating’ foodservice sectors including major multiples and leading foodservice providers.

Following the acquisition of the Fletchers Group of bakeries, the Company is one of the largest speciality bakery groups in the UK with annualised sales in 2016 exceeding £300 million.

The Company’s bakery product range is comprehensive and includes:

Large premium and celebration cakes.
Small snacking cake formats such as cake slices and bites.
Artisan, healthy lifestyle and organic breads through to rolls, muffins (sweet and savoury) and morning pastries, all of which are available both fresh and frozen dependent on customer channel requirements.

The Company is now the second largest manufacturer of ambient packaged cake (excluding In Store Bakery (ISB)) in the UK, a market valued at over £945m (Source Symphony IRI, 52 w/e 31st December 2016). The annual retail bread and morning goods market has a value of £3.7 billion (source Kantar Worldpanel 52 weeks to 1 January 2017). The UK foodservice bread and morning goods bakery sector is worth approximately £800 million per annum, 70 per cent of which is in morning goods. The UK foodservice cake and sweet treat bakery sector is worth approximately £600m per annum.

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