The acquisition will give FIS Group ownership of grocery product assessment database Foodfax, which has run for 30 years and features consumer reviews of products in the grocery sector.

The acquisition brings on board Steve Lawrence, director, and Alison Eddershaw, insight and development director, from Cambridge Market Research, as well the wider team.

FIS Group will integrate Cambridge Market Research into its portfolio of companies, which also includes Food Innovation Solutions, Good Sense Research and KICR Innovation.

Mike Faers, founder and group chief executive officer at FIS Group, said: “This acquisition marks a pivotal moment for FIS Group.

“We aim to leverage the strengths of our four businesses to deliver ground-breaking innovation and insights by aligning our teams to deliver complex cross-functional projects.”

Kelly Dowson, group managing director at FIS Group, added: “Our acquisition significantly strengthens our position as the UK’s leading food and beverage innovation and insight agency.

“We now offer comprehensive support from blue-sky innovation to product development, consumer research and launch, now all underpinned with our exclusive market intelligence database Foodfax.

“The acquisition also strengthens our fieldwork scope, panel capacity, capabilities and geographic reach.”