Bridges Ventures acquires controlling stake in Wholebake

27-Jul-2014 - Last updated on 28-Jul-2014 at 16:05 GMT

Wholebake's 9bar brand is endorsed by Olympic gold medalist, Ed Clancy of the GB cycling team

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UK investment firm Bridges Ventures will bolster capacity and brand development at Welsh energy bar specialist Wholebake.

Under its third sustainable growth fund, Bridges will provide funding to create 60 new jobs at Wholebake and expand its 9bar brand. The seed-based snack bars are gluten-free and high in protein.

Oliver Wyncoll, partner at Bridges Ventures, said Wholebake had huge potential.

“These natural products are bang on trend with consumer demand for great tasting, higher protein, gluten-free snacking. With our investment, we hope to widen the strong and loyal following that 9bar has developed and open up new sales channels which will create many new jobs in North Wales,” he said.

Current CEO Mark Gould and operations director Richard Shaw will be kept but Bridges has added Jaclyn Kelly as CFO – the previous finance director of fruit loaf firm Soreen.

Gould welcomed the investment, particularly given the promise healthy snacking had across the globe.

Wholebake pulled in sales of £11m ($18.6m) in the year ending March 31, 2014.