Tangerine appoints advisors for sweet expansion plans
At present Tangerine, which makes big UK sweet brands including Sherbet Fountain and Refreshers, is owned by the private equity firm Growth Capital Partners.
Growth path
The business has undergone significant growth in recent years and is now the biggest independent sugar confectionery manufacturer in the UK. Its top line turnover has risen from £40m five years ago to about £160m today.
The board at Tangerine is now looking to take the company to the next stage in its development. In a statement, it said there is the ongoing task of consolidating Tangerine’s position in the market and a continued need to invest for growth in marketing and capital terms.
The statement went on say that Tangerine will remain “mindful of any acquisition opportunities that might arise.”
In order to allow the business to take advantage of all opportunities, additional capital will be required. The board has therefore appointed NM Rothschild & Sons to advise the company in this regard.
Stock market listing
Tangerine declined to provide any further information on its future growth plans to ConfectioneryNews.com. But in an interview with the Financial Mail in the UK, Chairman Steven Joseph added that now may not be the right time for the stock market listing the company had planned five years ago.
Joseph said: “Five years ago we were planning for a stock market listing around now, but we think that now is probably not the right time. We are looking at a listing in two years, but in the meantime we would like to raise additional capital to take the company forward.”
Besides its future growth plans, Tangerine said it remains focused on fulfilling its short term financial goals.
The confectionery firm said: “Whilst these plans for further growth are exciting, operating in the current difficult economic environment means that the immediate focus remains on achieving the company’s financial objectives for 2010.”
