The owner of the Glorious! soup brand is being put up for sale, The Grocer understands.

City sources said KPMG was advising TSC Foods on the sale, which it is understood could value the company at more than £30m.

The company last changed hands in 2009 in a £24m management buyout backed by private equity firm Key Capital Partners and Yorkshire Bank.

This week, TSC Foods posted a 10% hike in pre-tax profits to £2.3m on sales up 3.6% to £44.2m for the year to 22 December, in accounts filed at Companies House. The 2012 performance followed a strong 2011, when sales increased by 11%.

“The Glorious! range of fresh soup and sauces continued to go from strength to strength and experienced further growth throughout 2012 on the back of a very successful 2011,” said TSC Foods in the accounts.

Investment in new equipment had helped deliver improvements in profitability despite higher raw material and utility costs, it added.

Last month, TSC Foods launched a new budget brand called ‘Love of…’ with a price tag of £1.49 for a 600ml pot of soup. The range, which it hopes to expand to marinades and sauces, will be available initially in Nisa, Londis, Fultons Foods and Ocado and the company is hoping to hit £2m sales in its first year.

The Glorious! soup brand broke through the £10m turnover mark earlier this year. TSC Foods also makes own-label soups and sauces for Morrisons and sells into pub groups and restaurants.