The fourth-largest producer of Cornish pasties in the world has become an employee-owned business.

The new employee ownership trust (EOT) at the Prima Bakeries Group forms a legal structure encompassing more than 150 employees.  

Mark Norton, managing director of Prima Bakeries Group said: “The transition of the group to become employee-owned is part of a long-term succession plan. 

“We have always been proud of being a family-owned and run Cornish business and this feels a great way of extending the “family” to include all our staff. The move reinforces our commitment to our employees and customers and allows our staff to share in the company’s success and actively participate in its future direction. 

“I’m incredibly proud of what we’ve built at both Prima Bakeries and Cornish Premier Pasties and look forward to working alongside our dedicated team to strive for continued growth. I know the group will continue to flourish and I’m excited for the next chapter!” 

The group’s turnover will reach £14m in 2024 with sales growing by 20 per cent year-on-year in 2023. 

Future plans include creating 30 new jobs over the next five years, as well as investing substantially in new equipment and production capacity. 

 Day-to-day management of the group will continue under the existing directors and management team. Four trustees will manage the new employee ownership trust on behalf of all employees and will oversee staff bonuses arising from future profits. Isca Ventures acted as the lead corporate finance adviser for the transaction.