Bosses at biscuit and cereal bar maker Northumbrian Fine Foods have completed a management buyout.

The team’s backers include CriSeren Investments and Food Investment Group, both of which are long-term investors in the company.

The new board will be chaired by food industry veteran Peter Macielinski and includes Food Investment Group’s Bill Hazeldean and Northumbrian MD David Sillars.

Sillars said the company would look to grow its retailer-branded business by focusing on NPD.

“Trading in the latter part of 2010 has shown strong growth as a result of our significant product launch programme, involving both retailer-brand and licensed products,” he said.

“This has included a new range of Thorntons cookies, the re-launch of the Geobar range for Traidcraft and a licensing deal to produce and sell Jammie Dodger and Maryland cereal bars.”

The Gateshead-based company also makes gluten-free products under the Prewetts brand and employs around 150 staff.

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Thorntons cakes and cookies hit multiples (16 October 2010)