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Higgidy to invest £10m in factory expansion
Higgidy, the savoury pastry manufacturer, has announced a new £10m investment to help with the expansion and development of its home in Shoreham-by-Sea. The investment comes as a result of Samworth Brothers increasing its stake in the business.
Over the last 12 months, the company has seen an increase in demand for its products, fuelled by the changing eating habits of consumers and the rise in flexitarian and vegan diets. Higgidy has attracted a further half a million consumers to its base in the past year, through a programme of innovative vegetarian and plant-based new product development.
The Higgidy brand has grown consistently over the last 10 years with a CAGR (compound annual growth rate) of over 15%. It has recently joined an exclusive club of chilled food brands that have a retail value in excess of £50m. Higgidy plans to double the size of the brand in the next five years, with the initial stage of capital investment unlocking capacity which will take the brand close to a £66m valuation.
The planned investment into ‘The Higgidy Village’ will be used to purchase new equipment, expand the footprint of the site, and upgrade its current office and shared spaces.
Mark Campbell, chair of Higgidy, said: “We are very proud to be part of the Samworth family and know that the values that both businesses have mean that we will continue to flourish. The Higgidy leadership team have created a compelling strategy for the next five years and the investment and support from Samworth Brothers means we can continue to build a strong culture, whilst keeping our entrepreneurial roots intact. Camilla, James and myself, as Higgidy’s founders, remain as excited about the future as we did on day one, which is why we will be involved in the brand’s next phase of growth and continue on as minority shareholders.”
Flor Healy, Samworth Brothers CEO, added: “Higgidy’s positioning means they are extremely well placed to meet consumer trends. With Higgidy becoming a B-Corp last year, this reinforces the synergies that already existed with Samworth Brothers also being a truly values led and purposeful business.”
Camilla Stephens, founder of Higgidy, said: “When I started Higgidy it was always about more than just making delicious pies. I always wanted Higgidy to be food from the heart, packed with taste and an abundance of veggies so the growth within plant-based food has been both fascinating and really exciting to watch!”