Mike Faers

Source: FIS Group

FIS Group was founded by Mike Faers in 2010

Food Innovations Solutions Group has acquired Cambridge Market Research as part of its ambition to become the industry-leading insights and innovation agency.

Founded in 2010 by former McDonald’s UK head of food Mike Faers, FIS Group supports food and drink brands to deliver end-to-end innovation from concept ideation to launch.

Cambridge Market Research, meanwhile, offers consumer research services spanning fieldwork, focus groups and in-store intercepts. 

Faers said the acquisition for a sum “approaching seven figures” had become a “mutually sensible” decision, as it would strengthen FIS Group’s research division while allowing Cambridge Market Research MD Paul Beresford to retire, after more than 20 years at the business’s helm.

The deal has seen Cambridge Market Research’s “key talents” – such as director Steve Lawrence and insight & development director Alison Eddershaw – join the FIS Group, bringing with them the expertise and knowledge of the “highly experienced” wider team.

It has also meant FIS Group has gained ownership of Foodfax, CMR’s grocery product assessment database.

Through Foodfax, FIS Group has access to over 30,000 assessments covering over 450 food and drink categories, spanning 30 years.

Foodfax was “an indispensable resource for both brands and retailers, allowing benchmarking of new products against category norms”, said FIS Group.

“This acquisition marks a pivotal moment,” said Faers.

“Combining Cambridge Market Research’s expertise with our existing businesses enables us to offer unparalleled insights and innovative solutions to our clients, empowering them to drive successful and profitable growth on both core and innovation.”