Peter's Food Service, which makes meat pies, pastries and sausage rolls, has been acquired by its management in a £20m buy-out.

Managing director John Griffiths, who jointly acquired the company in 1997, will retire, along with his daughter Judith Griffiths and non-executive director Godfrey Ainsworth.

Mike Grimwood, a former executive of Northern Foods, will become managing director, Griffiths' son Justin will take on the role of foodservice director and David Peek will continue as finance director. They will all take significant equity stakes in the business alongside NBGI Private Equity.