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New products in view as Glisten looks to era of strong growth
Glisten
SWEET maker Glisten said it is about to embark on an era of “very strong growth”, which could include acquisitions, to grow market share in the UK and Europe.
Glisten was bought by Finnish food group Raisio for £20m in early 2010. Early last year Raisio also bought Big Bear Group, a Leicester-based food company which owns the Fox’s confectionery brand, for £82m from Investec, merging it with Glisten.
Glisten, which had £14.3m turnover when it listed on the Alternative Investment Market in 2002, now has turnover of £150m and accounts for 40 per cent of Raisio’s annual sales.
Glisten said expansion could also include launching new brands, adding “further acquisitions in Europe are also being targeted”.
Glisten finance director Robert Davies said: “We think Raisio Western Europe (RWE)/Glisten is about to enter an era of very strong growth.
“The acquisition of Big Bear coupled with the incredible support from Raisio means Glisten will be able to unlock exciting new products and ambitious new revenue streams. The group is benefiting from a new divisional structure, alongside a new senior commercial team and new facilities.”
Glisten said it plans to roll out new products and diversify into new categories after the BBG merger helped it win “significant” new business.
Glisten is now the second-largest supplier of own-brand confectionery to UK supermarkets. It employs 950 people across 11 manufacturing sites in the UK.
Glisten’s brands include Honey Monster, Fox’s Glacier Mints, Harvest Chewee bars and Just Brazils. It also produces a range of healthy snacks including Fruitus Organic Cereal Bars, Weight Watchers Savoury Snacks and SunMaid coated fruits.
The company has also signed up Royal Bank of Scotland as its new banker. It provided a £5m facility.
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