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Sweet success as biggest UK firm
by blackpoolgazette.co.uk - 09/02/2010
"THE boss of Blackpool sweet giant Tangerine Confectionery plans to focus on "organic growth" following two record-breaking years."
Speaking to The Gazette, executive chairman Steven Joseph (left), said he is proud of the brand which makes dozens of household names.
He claims the Marton-based factory has become the UK's largest British owned confectionery firm, following Cadbury's buyout by US food giant Kraft.
Tangerine Confectionery has other reasons to celebrate after coming in the top half of The Sunday Times Buyout Track 100 list, which ranks Britain's private equity-backed companies with the fastest growing profits.
It is a major supplier, providing an extensive range of sugar confectionery, including wine gums, midget gems and jelly babies for Tesco, Sainsbury's, Asda, Morrisons, Co-op, Waitrose and Marks and Spencer.
The company employs 160 staff at its Vicarage Lane site and a further 190 at its Clifton Road factory.
In just four years its profits have doubled and has seen the acquisition of the confectionery arm of Burton's Foods and in 2008 it bought Cadbury's Monkhill for £56m.
But after two years of buy- outs, Mr Joseph said he wanted to concentrate on developing the firm's assets.
He added: "In four years we have seen amazing growth but now it's time to work on our product. Last year we brought some of our manufacturing, which was originally abroad, back to Blackpool and it was a massive success. The year before we saw great growth and in 2009 we had another great year.
"While we can never afford to rest on our laurels, I think 2010 will all be about organic growth and making the best of what we have already got.
"Once the economy is a little clearer, possibly next year, then we can think about the possibility of more acquisitions.
"I am delighted to be in the top half of a league table. It's always nice to be recognised for what the business is achieving.
"You have to realise we, as Tangerine Confectionery, are only four years old as a private company."
Privately owned Tangerine was formed from a management buyout of part of Danish company Tom's Grupen.
The Clifton Road factory was founded in 1928. It was known as Daintee's before becoming a part of the Tom's group.
More Details: http://www.blackpoolgazette.co.uk/business/Sweet-success-as-biggest-UK.6052394.jp
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