Fiddes Payne has confirmed another two of the UK cake kit-to-seasonings supplier’s senior management team have left – just months after a management shake-up saw the managing director step down.
The departures of financial director Robert Moorhouse and commercial director Mark Grahame followed last January’s announcement that then MD Iain Macpherson was leaving. Company chairman Chris White said then that Macpherson, who held the role for eight years, had chosen to step down “to pursue new opportunities”.
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CEO Norman Brodie, who joined the company last January, told just-food yesterday (14 June) the launch of a new five-year strategic business plan will restore the firm’s position as a successful player in the industry.
Brodie, a former Coca-Cola Enterprises’ marketing director, said Fiddes Payne, which manufactures the Jamie Oliver seasonings range, had been “an extremely successful firm” in the past and could look to renewed success in the future.
Brodie did not comment on the reasons for the latest management departures but said: “What makes you successful in one period does not make you successful in the next. I want us to be successful again in the future. I arrived in January and we began with the new strategic plan in February. It’s largely completed but there are a couple of changes we want to make to ensure it’s carried out properly.”
He explained Fiddes Payne’s future strategy needed to focus on re-establishing the company as a “partnership business”. Brodie said: “I am spending a lot of time with all of our key partners – retailers,licensees and suppliers. We need to be constantly asking questions about what made us successful in the past so that we can do it again.”
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By GlobalDataChris White acquired Fiddes Payne in 1993, with the backing of two other investors. The White family own the majority of the shares in the business.
Fiddes Payne hired corporate advisory firm Spayne Lindsay two years ago to look at the options for the business. In January, Fiddes Payne filed accounts for the year ending 28 June. Turnover increased 14% to GBP17.6m (US$24.9m). Operating profit was up 19% at GBP1.5m. Net profit stood at GBP1.2m, compared to just short of GBP997,000 the year before.
