Sourdough sensation Jason’s has hired advisors to prepare the groundwork for a potential £500m sale as the bakery group looks to capitalise on rampant growth.
Independent M&A advisory firm Spayne Lindsay is helping Jason’s parent Geary’s Bakeries explore strategic options, including a sale, The Grocer has learned.
The process is still in its early stages, with an information memorandum (IM) going out to potential buyers. There is no certainty of a deal being finalised.
A valuation of 10x EBITDA is attached to the business, with underlying profits understood to be nearing £50m, according to several City sources.
Dealmakers expect plenty of interest in an auction from international bakery players in Europe and North America, with the likes of Flowers Foods, the second-largest packaged bakery company in the US, St Pierre owner Grupo Bimbo and French group Menissez, which acquired M&S supplier Village Bakery in 2024, all on a list as potential new homes for Geary’s.
UK bakeries such as Warburtons and Finsbury are not anticipated to be involved, while the timing is off for Allied, having just cleared competition concerns for its acquisition of Hovis. Private equity suitors could also play a part in a deal as an investment partner to a bakery buyer.
Geary’s is owned by the Unsworths, the family that founded Aimia Foods and sold it to Cott Corp in 2014, following the acquisition of a majority stake in 2019 when the business had a turnover of around £30m. Jason Geary, the fourth generation of the Geary family, retains a minority share and runs the business as CEO.
“Jason’s has done incredibly well since launching and has dominated space on supermarket shelves thanks to its creation of the mainstream sourdough category, but it won’t have the market to itself forever,” one City source said. “Rival brands are getting in on the game, including Warburtons, and Hovis will have increased focused and big plans for sourdough now it’s under the control of Allied Bakeries.”
Another dealmaker with knowledge of the process said ambient was a tougher sell than frozen for big international bakery groups given the preference for frozen bread in Europe.
But a third was more optimistic. He said: “Great businesses tend to find buyers. Jason’s is expanding into new bakery occasions and the category is huge, so the opportunity for future growth remains massive.”
Soaring growth
The review of options comes as revenues at Geary’s soared by another 40% to £128.6m in the year to 2 January 2026, according to newly filed accounts at Companies House. It represents a slowdown on the 122% growth recorded in the prior year, but sales momentum is understood to have continued in the high double digits in FY27.
Operating profit increased 18% to £17.4m during the latest financial period.
The Jason’s Sourdough brand remains the chief driver of that growth. It is the UK’s largest sourdough brand and the third-largest traditional plant bread brand in supermarkets after leapfrogging Hovis in 2025.
Geary’s, which also makes a selection of private label bakery products for supermarkets and food manufacturers, said Jason’s was recognised by consumers for bringing quality, innovation and cleaner ingredients to the category.
Jason’s launched six years ago, just ahead of a lockdown-fuelled boom in sourdough. Its rapid growth has also been fuelled by increasing consumer concerns around UPFs and weakness in the wider sliced bread category that has affected the likes of Kingsmill and Hovis.
The brand has now extended into boules, crumpets, a high-fibre range and ready-to-heat toasties, as well as launching in wholesale with Booker.
Geary’s said in the latest accounts it would continue to explore opportunities to grow into adjacent categories where there was a chance to “drive quality or deliver innovation in line with the group’s values”.
Jason’s invested in its first national TV ad campaign last year, with Jason Geary taking a starring role. Geary’s also completed a £37m investment in its third factory last year to significantly boost capacity and prepare for continued growth.
The group, which traces its roots back to 1906 when Charles Geary opened his first bakery, employs more than 800 workers.
“2025 was a significant year of growth for Geary’s, with turnover increasing and Jason’s becoming the UK’s third-largest bread brand – as well as the category leader for sourdough,” Geary said.
“These results demonstrate that consumers are prioritising quality products that deliver genuine value, particularly when they offer the combination of great taste, quality ingredients and versatility that fits around modern lifestyles.”
Geary’s and Spayne Lindsay declined to comment on the ongoing review of strategic options at the company.
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