TSC Foods has been sold in a £24 million management buy-out backed by the Leeds office of private equity firm Key Capital Partners and Yorkshire Bank.

Scunthorpe-based TSC produces chilled and frozen sauces, soups, entrées and dressings. In 2008, the company developed the Glorious! soup range, which is endorsed by celebrity chef Marco Pierre White.

Jonathan Skofic, a former executive at Cott Beverages, has been appointed managing director. Skofic said: 'The existing management team has done a tremendous job in driving TSC to its current, market-leading position. With the support of KCP and Yorkshire Bank, we now have the additional operational and financial support required to move to the next level.'