Right Angle Marketing, a Pocklington-based biscuit and confectionery specialist, has been acquired from its founder for an undisclosed seven figure sum.
The company is based at offices on Regent Street and sources and markets biscuits and confectionery, selling both branded and private label products.
The business, founded by Steve and Hilary Angle in 2001, has been acquired by fellow director John Haken in a deal that will involve a structured handover over the next five years.
The £15m turnover business has a track record in supplying high-quality, value-for-money biscuits and confectionery.
Mr Haken said: “Steve and Hilary have established a highly reputable stable of brands, developed specifically for this sector, and has created a fantastic foundation from which to grow the business in the coming years.
“I am looking forward to growing and developing the business with a great team and great customers, further extending and developing the portfolio of products that we are so well known for within the retail sector.”
The business sells over five million tins of biscuits annually and markets the UK’s leading value shortbread brand, Highland Speciality.
Other products ranges in the Right Angle portfolio include high quality all butter and everyday fudge, mallow products such as Snowrolls, chocolate biscuits, wafer rolls, Italian Amarettini and Cantuccini biscuits, Belgian chocolate coins and other novelty and seasonal confectionery from leading manufacturers in the UK and from around the world.
The business also holds an exclusive licence with the Bank of England to manufacture novelty chocolate coins and bank notes.
The deal will see John Haken acquire 90 per cent of the new group and take the reins as managing director, working alongside Steve Angle who remains within the business as executive chairman for the next four years.
Co-founder Steve Angle said: “John is exactly the right man to take the business forward, and continue the journey we started over 15 years ago.
“I wanted to remain involved on a day-to-day basis and help John as he steps into a new role as managing director, and in many ways it will be business as usual, as I will remain with the business for at least four years.”