AG Barr takes 60% stake in porridge and oat milk brand MOMA

The companies have also agreed a path to full ownership over the next three years. No financial details were disclosed.

Founded in 2006 by Tom Merce, MOMA sells jumbo oats and is now the UK's third-largest oat milk brand. The business also produces a range of low sugar granola and bircher muesli branded products.

AG Barr chief executive Roger White said: "I'm delighted that AG Barr is venturing into healthy oat-based products with such a great brand and an experienced team, led by Tom. Plant-based milk is a fast-growing category, in particular, and MOMA's oat milk is a premium quality product with huge potential. This exciting investment is a positive indication of AG Barr's growth ambitions."

Barr, which makes Irn-Bru, said the deal is not expected to have a material impact on profits for the current financial year ending 30 January 2022.