Europe’s leading American food wholesaler, Innovative Bites, has acquired one of the UK’s oldest sweet businesses, Bonds of London, in a multi-million pound deal announced today (Thursday April 14).
The purchase is the first step in Innovative Bites’ long-term growth strategy “to become the UK’s leading confectionery supplier.”
The acquisition will see the headquarters of both companies retained – as well as all of the 150 combined staff, further diversifying Innovative Bites offering and its foothold on the UK confectionery market.
It is expected that the combined 2016 turnover of Bonds of London and Innovative Bites will exceed £50m. Founder and owner of Innovative Bites, Vishal Madhu (who was profiled in the March issue of Wholesale News), said, “Bonds of London is one of the UK’s oldest and leading confectionery suppliers and its acquisition will significantly enhance the product offering and services to Innovative Bites customers.”
Since launching in 2008, Innovative Bites has grown to be one of the UK’s leading suppliers of American foods with exclusive brands including Hostess Twinkies, Boylan, Warheads, Cookie Dough Bites and MOM cereal brands. Last year the business turned over £25m in sales.
Madhu added: “Over the years both companies have established a deep-rooted culture of success based on winning products and industry-leading customer service, so together I believe the sky is the limit. The acquisition represents a win-win for both Bonds of London and Innovative Bites and we are all very excited about the future.”
Bonds of London MD, Philip Courtenay-Luck, said, “This is a move that strengthens both businesses and will allow us together to better serve our customers’ needs.”
He added; “Innovative Bites imported American products combined with Bonds traditional sweet brands and highly respected multiple own label supply service makes for a powerful combination and I am hugely excited about being part of this next phase.”
Bonds began making handmade sweets back in 1895, and many of the original recipes are still used in today’s products. Amongst its offering, Bonds produce old fashioned jars and gift jars as well as traditional bags, plus the UK’s leading small 39p bag range. The company now sells 450 products and works with both multiples and independent retailers.