Blackpool biscuit maker Burton’s has been sold in a £350m deal which could potentially secure jobs.
The company which has its cookie centre in the resort recently announced it was to invest £2m in the production line at the Devonshire Road plant.
Now it has announced its sale to a Canadian pension fund, Ontario Teachers Pension Plan which has also recently bought National Lottery operator Camelot and the Busy Bees Nursery chain.
The business was put up for sale in August by its owners, Duke Street Capital, Apollo Global Management and the Canadian Imperial Bank of Commerce.
It has around 2,200 staff and employs 600 in Blackpool and it is understood the deal will have no direct impact on jobs there but will provide cash for expansion globally.
A spokesman for the Bakers, Food and Allied Workers Union said they would be contacting union officials at the Blackpool plant and would be watching developments closely.
St Albans based Burton’s also has centres on the Wirral, in Liverpool, South Wales and Edinburgh.
It makes Maryland, Jammie Dodgers and Wagon Wheels, and Cadbury biscuits under licence.
Burton’s chief executive Ben Clarke said: “We are delighted that OTPP will shortly acquire Burton’s Biscuit Company.
“During this process we have met over 30 different potential buyers and, as significant co-investors going forward, it was critical for the management team to find the right partner.
“With their combination of extraordinary financial firepower, true partnership approach and global expertise, it is clear to me that OTPP are the ideal partner for us.
“We are very excited about working with Jo Taylor and his team as we pursue our ambitious plans for growth both in the UK and internationally.
Jo Taylor, head of OTPP’s London office, said: “We look forward to supporting Burton’s outstanding management team to grow the business in the UK and further into overseas markets.
“There are also many strategic acquisitions to consider in those territories that can enhance these ambitious growth plans.”