In a major strategic investment, Canada-based investment firm Permian Industries has invested in UK jam business Mackays. Financial details of the deal were not disclosed. Mackays is a family-owned company known for producing jam, marmalade, and chutney in Arbroath, Scotland. The investment from Permian Industries, which owns and manages eight businesses in North America spanning food processing, distribution, agriculture, packaging, and technology, aims to support Mackays’ growth and make it a significant brand globally.
Mackays’ managing director, Martin Grant, expressed excitement about the investment, stating that the Mitchell family from Permian Industries understands their business, manufacturing processes, and the heritage of their products. Grant believes that with this investment, Mackays can look to the future and expand their brand’s reach beyond Scotland.
The investment comes at a time when the jam maker faced challenges due to the ongoing Covid-19 pandemic. In their full accounts for 2022, Mackays reported an operating loss of £57,000 ($69,000) compared to a profit of £78,000 the previous year. However, the company’s overall turnover increased from £17m to £18.7m during the same period.
Grant acknowledged the impact of the pandemic on businesses of all sizes and mentioned that the company had to navigate various challenges, including inflation and pricing difficulties. Despite these challenges, Mackays remains committed to its long-term success and sees the investment from Permian Industries as a catalyst for growth.