Under the deal, Ferrero will take over Burton’s brands and six manufacturing sites in Britain. Burton had roughly 2,000 staff and “generated sales of more than £275m during the last 12 months,” Ferrero said on 2 June.

According to Ferrero:

“Burton’s produces some of the best-loved brands in the UK biscuit market, including Maryland Cookies, Jammie Dodgers, Wagon Wheels, Paterson’s and Thomas Fudge’s. The business has a history in the British biscuit market dating back to 1935, with a very strong heritage and brand awareness.”

Ferrero had roughly 35,000 employees worldwide (including roughly 1,400 in Luxembourg) and posted global revenue of €12.3bn for the financial year ending 31 August 2020. It is arguably best known for its Nutella brand.

Ferrero acquired the firm, via a Belgian-based investment vehicle called CTH, from the Ontario Teachers’ Pension Plan Board for an undisclosed sum. The pension fund, based in the Canadian province of Ontario, is one of the world’s largest institutional investors.