A YORKSHIRE-based bagel bakery and retailer with a shop in Huddersfield has new owners.
Bagel Nash, which has a site at Kingsgate, was set up 24 years ago, but has grown to operate 11 coffee and bagel bars in Yorkshire and produce more than 12m bagels a year. It also exports to more than 20 countries.
Now YFM Equity Partners has backed the management buy-in of the business for an undisclosed sum through three of its funds Chandos and its two British Smaller Companies Venture Capital Trusts.
The investment will support the acquisition of Bagel Nash and provide capital to finance its plans to open up new outlets in the North, North-West and the Midlands and will further aid the growth of wholesale and export trade.
Andy Micklethwaite becomes chief executive of the company with Sara Hildreth as retail operations director.
Mr Micklethwaite has 30 years of retail and food manufacturing experience. In 2000 he led the buy-in of food manufacturing business Symingtons, growing the business from £17m to a turnover of £55m.
Nigel Barraclough, investment director at YFM Equity Partners, who led the deal, said: Bagel Nash has a fantastic reputation and is already well-established in Yorkshire.ê
This is a perfect example of our philosophy of investing in businesses that are undergoing transformational growth.
We believe there is enormous potential for the business to expand into other regions and look forward to using both our experience and network to help Bagel Nash achieve this ambition.
Mr Micklethwaite said: There is a huge appetite for a healthier alternative to the traditional sandwich and we believe that our bagel product can feed that demand.
This investment from YFM Equity Partners will enable us to grow our products and open up more sites for our customers throughout the North and Midlands.
Peter Wood and Amy Wright, of Pinsent Mason, provided legal advice to the MBI team.
YFM Equity Partners were advised by Irwin Mitchell and financial due diligence was provided by BHP Corporate Finance.
