Innovative Bites acquires Bonds of London
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. The purchase is the first step in Innovative Bites long-term growth strategy to become the UK's leading confectionery supplier, the company states.
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 £50million. Founder and owner of Innovative Bites, Vishal Madhu, says, "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 core American foods with exclusive brands including Hostess Twinkies, Boylan, Warheads, Cookie Dough Bites and MOM cereal brands. Last year, the business turned over £25million in sales and supplied a number of major supermarkets and discount chains across the UK and Europe.
Vishal adds, "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."
Philip Courtenay-Luck, Bonds of London managing director, comments, "This is a move that strengthens both businesses and will allow us together to better serve our customers' needs. 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 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. The company now sells 450 products and works with both major multiples and independent retailers.