{"id":415270,"date":"2026-05-06T23:08:11","date_gmt":"2026-05-06T23:08:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/415270\/"},"modified":"2026-05-06T23:08:11","modified_gmt":"2026-05-06T23:08:11","slug":"abes-bagels-sold-to-george-weston-foods-after-record-sales-year","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/415270\/","title":{"rendered":"Abe\u2019s Bagels sold to George Weston Foods after record sales year"},"content":{"rendered":"
While the purchase price is remaining confidential, Abe\u2019s Bagels chairman and majority shareholder Tony Kerridge said the company had built something it was incredibly proud of.<\/p>\n
\u201cWe\u2019ve worked extremely hard to grow the bagel category across New Zealand and Australia and we\u2019re thrilled to see how well our bagels are being received in both markets,\u201d Kerridge said.<\/p>\n
\u201cGeorge Weston Foods understands that mission and has the scale to help us take it further.\u201d <\/p>\n
Abe’s Bagels chief executive Jesse Newson with chairman and majority shareholder Tony Kerridge.<\/p>\n
Abe\u2019s Bagels chief executive Jesse Newson said GWF was a well-established operator in the Australasian market.<\/p>\n
\u201cGeorge Weston is a family business at heart and so that immediately gave a natural fit, but also that understanding of the bakery category and that obsession with baked goods has certainly been felt by our team as we\u2019ve worked through the due diligence,\u201d Newson said.<\/p>\n
\u201cThe job to be done is making sure that our team integrates well with the wider GWF business while we hold on to the superpower that\u2019s made us successful.\u201d<\/p>\n
Newson confirmed that all of the business\u2019s 140 staff would be retained under the transfer of ownership, with Abe\u2019s set to be able to leverage GWF\u2019s wider business and capabilities.<\/p>\n
He said the acquisition was born out of \u201congoing conversations around the future of the business\u201d, noting how the combination of the business performing well and the personal circumstances of the majority shareholder aligned perfectly for the transition to happen.<\/p>\n
Newson couldn\u2019t confirm the sale price as it is confidential, but said shareholders involved were very happy with the outcome.<\/p>\n
The deal follows a record 2026 financial year for the business in which it achieved over $50 million in sales. <\/p>\n
The figure is a 25% jump on the prior year, and added to a strong three-year run in which the company\u2019s sales have grown by 30%.<\/p>\n
Abe’s Bagels chief executive Jesse Newson said 70% of the company’s revenue now comes from Australia.<\/p>\n
Key to the growth has been the successful launch of Abe\u2019s Bagels\u2019 THIIINS range, which launched in 2024. <\/p>\n
The THIIINS product has generated $9m in sales since its launch and now represents around 18% of total sales.<\/p>\n
With surging growth in the Australian market, now representing 70% of the business\u2019s total sales, Newson said the product had resonated well with consumers.<\/p>\n
\u201cFirst and foremost, educating consumers as to what bagels are and what to do with them has been central to that brand platform both in New Zealand and Australia.<\/p>\n
\u201cWe know the penetration opportunity that exists for bagels. The penetration of bagels in the United Kingdom is around 40%, and in the United States is even higher than that. We\u2019ve grown New Zealand to around 22%, but Australia remains around 15%.\u201d<\/p>\n
The company has invested heavily to upscale its production capacity and equipment, with Newson confirming investment of circa $2m over the last three to five years.<\/p>\n
Bagel production will remain at the Auckland plant following the change in ownership, with an expectation that investment momentum will continue with GMF as owners.<\/p>\n
Looking ahead, Newson said the business would focus on growth exploration in New Zealand and Australia, with new innovations to market as it prepares for its 30-year anniversary later in the year.<\/p>\n
\u201cGWF have a well-established foothold in the New Zealand market, so I think Kiwis can rest assured that the business is transitioning into safe and stable hands.\u201d<\/p>\n
\u201cI think that\u2019s the great partnership between these brands, that there\u2019s a real focus and obsession around quality baked goods, which aligns nicely with what we stand for at Abe\u2019s.\u201d<\/p>\n
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.<\/p>\n