WREXHAM is set for major investment and 100 new jobs following the takeover of one of the town's high-flying businesses.
Pann Krisp, the food manufacturer on Wrexham Industrial Estate with an annual turnover of more than £31m, has been bought by Lifecrown Ltd for an undisclosed sum.
Part of the business plan of Pann Krisp's new owners is to expand the factory and employ an extra 100 workers in the next two years.
Pann Krisp manufacture ready-to-cook convenience food and some microwaveable vegetables.
In total 95% of their business is with supermarket chain Asda.
Lifecrown is the parent company of Fenmarc Produce, a supplier of fresh vegetables based in March, Cambridgeshire, which also has 95% of its business with Asda and an annual turnover of £100m.
Under the new business plan, Pann Krisp will retain its identity but fall under the Fenmarc umbrella.
The companies will have a combined turnover of £130m.
'This is a very exciting time for us,' said Pann Krisp managing director Peter Hawkins. 'The ready-to-cook
market is booming as people look for fresh alternatives that remain convenient for their busy lifestyles and with new investment we can really take advantage of that.'
Mark Harrod, managing director of Fenmarc, said: 'I'm delighted we have been able to combine the skills of Fenmarc and Pann Krisp.
'We already have closely aligned cultures and values thanks to our work as suppliers to Asda. Now our aim is to use our combined strength and experience to give Asda even more of an edge in the retail sector.'
Pann Krisp marketing manager Karen Hawkins said the takeover was good news.
She said: 'Other retailers are banging on the door wanting our product. With new investment we will be able to offer it to them and diversify our supply lines.
'New jobs and expansion are in the business plan for the next two years and they will be here in Wrexham.
'Lifecrown purchased this business because of its location and expansion options.'