Upmarket pie maker Higgidy has seen its turnover rocket by 45% over the past year and is eyeing new manufacturing sites as it looks to double capacity.

Sales growth for the West Sussex company totalled £8.1m for the year to 30 September up from £5.6m for the previous year and it is forecasting £10.7m of sales for its next financial year. According to Nielsen figures [52 w/e2 October 2010], Higgidy's brand value has also increased by 53.5% to £6.4m.

The company had grown rapidly through innovation and spotting gaps in the market, said Higgidy commercial director Mark Campbell, adding that its October tie-up with Boots for a range of small quiches had captured a share of the lunchtime market and would boost business by about £750,000 annually.

A £750,000 investment in a neighbouring facility had doubled capacity in the past year and Higgidy was considering additional buildings to allow it to raise annual capacity to £30m, said Campbell.

The company hoped to fund expansion through bank agreements but stressed plans would not be implemented before March 2012. "We want to postpone the decision for a little bit to see if we can keep up what we've been doing into the first half of 2011," said Campbell.

Unsurprisingly, Higgidy's rapid growth has singled it out as a target amongst private equity ­investors, but Campbell said there was "more gas left in the tank" under ­current ownership.

"We are flattered people might be talking about us in this way but this is not something we are currently considering," he said.