THE company behind the Quorn branded vegetarian products has been bought for £70m.

Marlow Foods was acquired by Montagu Private Equity from its parent company, AstraZeneca.

Marlow, of Stokesley, North Yorkshire, employs 340 people and has a turnover of more than £80m.

It manufactures an extensive range of branded chilled and frozen foods, which includes ready meals, sausages, nuggets, grills, burgers and mince, as well as the leading European brand in the meat alternative market.

Since its national launch in the UK in 1994, Quorn has developed into the UK's number one healthy meat alternative brand and has established successful international operations in the US and several European countries.

Nick Hughes, chief executive of Marlow, said: "We have a great team who are delighted to be partnering a company that shares our brand vision and passion for the business.

"We look forward to further growth and success in the years ahead."

The company said the deal would not affect the workforce.

A spokeswoman said: "It is business as usual."

The financing package that has been assembled by Montagu, with the legal assistance of Eversheds, will enable the business to continue its growth and market leadership.

Montagu was previously called HSBC Private Equity and the bank retains a 19.9 per cent stake in the company.

Its director, Simon Pooler, will join the board of Marlow as a non-executive director.

Mr Pooler said: "Quorn is firmly established as a major healthy eating brand in the UK and the team is replicating this success in a number of international markets.

"Marlow has significant further growth potential, both in the UK and overseas markets, and we are delighted to invest in this high-quality business."

Ross Warburton, who spent nine years as executive chairman of Warburtons Limited, joins Marlow as chairman.