Scunthorpe-based soups and sauces firm TSC Foods has agreed to a takeover by Key Capital Partners, with former Cott Beverages executive Jonathan Skofic and five long-serving TSC managers also taking a substantial stake.

The new owners, who secured financing from Yorkshire Bank, plan to expand the business and roll-out its Glorious soups to all major UK supermarkets.

Founded in 1991, TSC employs around 300 people and has an annual turnover close to £35 million.

It specialises in chilled and frozen soups, sauces, dips and dressings, supplying private label products to Morrisons and restaurant and pub groups including Mitchells & Butlers and Cafe Rouge parent Tragus.

The deal marks the second management buyout of TSC in three years, after former co-owners Bill Morran and Brian Dahl led a takeover in 2006 for an undisclosed sum.

The duo have retained a stake of less than 5% in TSC, but are no longer involved in the running of the business.

Mr Skofic, who will now take over as managing director of TSC, said he wanted to take the business on to the "next level".

TSC bought out the Glorious brand of Marco Pierre White-backed soups and pasta sauces from Conival in February, having developed and manufactured the range for Conival since early 2008.

Key Capital Partners, which has offices in Leeds, Cambridge and Birmingham, specialises in small to mid-market buyouts.

Other recent investments include Birmingham-based recruitment firm Templine Recruitment for £4.3 million and fashion label Sabotage for £2.25 million.