Pistachio Holdings acquires Creams
Pistachio Holdings, a firm backed by Ankush Shah of the East Africa-based Sumaria Group, has acquired a majority stake in the dessert brand, Creams.
Creams, which was founded in 2008 by Balal Aqil and Adam Mani, currently employs over 1,400 staff across its 93-strong UK portfolio.
As well as his role as managing director at Sumaria Group, Shah holds a position as chairman at Doughworks, a KFC and Pizza Hut franchisee in Tanzania.
Both of the brand’s founders will remain involved in the business, but the transaction will provide the chain with Shah’s “strategic investment” moving forwards.
Speaking on the acquisition, Mani said: “This strategic investment from Pistachio Holdings will help drive our future growth aspirations including growing the business internationally and increasing our manufacturing capabilities, areas in which they can really add value.”
Despite the pandemic, Creams has “maintained strong sales and growth” as a result of delivery, and click and collect options, exhibited by the three new stores opened since March 2020.
The dessert chain intends to follow its positive online transition that was enabled via “product innovation” and “effective supply chain management”, by adding six sites to its portfolio in Q1 of 2021.
