HMT advised the management team in its buy-in/buy-out of Crantock Bakery, the Newquay-based manufacturer of premium Cornish pasties.
Crantock Bakery was established in 1980 by Frank Bradshaw, who began producing pasties as a sideline in his butcher’s shop. The business now employs 77 staff and operates from a 25,000 square foot factory where it has the capacity to produce over 80,000 pasties per day. Its principal activity remains the manufacture of the traditional Cornish pasty, however its product range has now extended to more than 26 savoury pasty lines and the company supplies its frozen products throughout the UK.
The opportunity to purchase the business came about when the Bradshaw family decided to sell due to personal circumstances.
The new management team consists of buy-in chairman and managing director, Nick Ringer, who has held senior positions in several consumer goods businesses, and Matthew Hurry who has been with Crantock since May 2001 as financial controller.
HMT negotiated the heads of agreement and prepared a business plan to secure both venture capital and bank funding.
Andrew Thomson, partner at HMT, commented:
“The Bradshaws had built up a highly successful business and the introduction of an extremely experienced BIMBO team should ensure continued success and achievement of exciting growth plans.”