Pukka Pies has kicked off a search for new investment in a move which could see the brand sold.
The Leicester-headquartered business confirmed the news following a report in industry publication The Grocer which said it had put itself up for sale for around £100m.
However, it is understood by City A.M. that Pukka Pies is mainly looking to bring in new investment, but has not ruled out a sale.
Chief executive Deborah Ewan said: “In the last five years, Pukka has outperformed our sector.
“That is down to our amazing Pukka team. Looking to the future, our three-year strategy has ambitious plans for our growth.
“As a result, we are reviewing different ways to bring new investment into the business, which will allow us to realise those plans.
“Our values and our purpose remain the same and it’s very much business as usual for our teams.”
The news comes after Pukka Pies, which was founded by the Storer family in 1963, posted a turnover of £79.1m for the 12 months to May 27, 2023, up from £64.5m.
Its pre-tax profits also increased from £4.3m to £6.7m over the same period.
In a statement, managing director Isaac Fisher said: “Pukka has had another fantastic year, and that is down to the hard work at our bakery, the innovation we’ve baked up, and the full-on flavour we continue to deliver.
“In the last year alone, Pukka has added over £13m to the category, more than any other brand, with Pukka sales growing +23 per cent – more than two times faster than the total category.
“As a brand that shoppers know, love and trust, we continue to bring additional spend to the hot pies category, with 85 per cent of our growth incremental to existing category sales.
“That’s because we continue to excite and invite shoppers. In the last 12 months, we’ve introduced trend-led flavour combinations, such as our first to market Pepperoni Pizza pie; added Doner Kebab to our line-up of pies, capitalising and driving a novel new way to enjoy a trending takeaway flavour hassle free at home; delighted fans of a British takeaway institution by launching a Chip Shop Chicken Curry Pie into retail; and we ended the year with a tasty Christmas Dinner pie, made in collaboration with YouTube sensation, LadBaby.
“We’ve also ramped up our on-the-go offering, continuing to take the market by storm with our slices providing an anytime, anywhere, hot or cold meal solution.
“We’ve been feeding the nation on the go 24/7 with our popular new All Day Breakfast Slice and tapping into the much-loved flavour of pizza with our Pepperoni Pizza slice – and in doing so, we’ve brought in an additional 40,000 shoppers to the brand.
“All of that means we’re not only still the No 1 brand in pies, but we’re No 2 in chilled handheld, No 2 in overall Savoury Pastry 5 … and growing the total market.”