A LEADING cake manufacturer has been bought out by its management team.

Park Cakes, which employs 350 people in Bolton, says that the buyout will not affect its current workforce or manufacturing sites.

The firm, which supplies own-brand cakes and desserts to some of the UK's top supermarkets, has increased its turnover from £110m to £160m since 2013 and says this move will help it continue to build on the success of recent years.

Chairman Gareth Voyle, who led the management buyout from Vision Capital, said: “Park Cakes is a leading supplier of cakes and desserts and is proud to supply the UK’s leading retailers with premium quality products.

"I would like to pay tribute to our highly skilled and loyal workforce, who remain at the heart of our commitment to grow our company in the years to come.

“I would also like to place on record my thanks to Vision Capital for their support to the business and for working closely with us to conclude this buy out.”

In addition to management’s own funds, Yorkshire Bank have provided an incremental multi-million pound finance package to complete the transaction.

Paul Morton, finance director at Park Cakes, said: “Yorkshire Bank have been very supportive throughout our relationship. They worked with us to put a package together that enabled the buy-out to take place, and we are excited to see how the business continues to progress.”

Owen Malton, of Yorkshire Bank, said: “We are delighted to support this management team and lead this profile transaction whilst also providing finance to assist with the continued growth of the business.

"The growth and prosperity of regional economies is critical to the success of the UK economy and we look forward to working with the management team into the next exciting stage of the company’s development."

The company, which has a larger site in Oldham as well as its Bella Street facility, was was founded in 1937 and now supplies products for household names such as Marks and Spencer, Tesco, Sainsbury, The Co-op, Morrisons, Aldi and Lidl.