LONDON — St Pierre Groupe has secured an $8 million (£6.7 million) investment from Lloyds Bank’s Business Growth Fund.
The capital will be used to accelerate international growth and product development for the group’s three brands, which include St Pierre, Baker Street and Paul Hollywood. The investment also will go toward strengthening consumer relationships through digital channels.
Formerly known as Carrs Foods, St Pierre Groupe’s bakery products are stocked in 12,000 stores around the globe, with 60% of its distribution in the United States. The company’s revenue increased from $21 million (£ 16 million) in 2010 to $90 million (£69 million) in 2018. The bakery said it expects to double its earnings in the next three years.
St Pierre Groupe also announced the appointment of David Milner as non-executive chairman. The former chief executive officer of Tyrrells, an English snack brand, Mr. Milner brings additional experience and expertise to the company and will help expand the global reach of its brands.
“I am thrilled to be part of the St Pierre Groupe journey,” Mr. Milner said. “I recognize many similarities in its working practices with those we adopted at Tyrrells. The company’s growth in the past decade has been genuinely exciting, and the international expansion and new product development gives us a huge scope to go to the next level.”