YFM Equity Partners has backed the management buy-in (MBI) of bagel bakery and retail business Bagel Nash as the company pursues an expansion strategy.
YFM Equity Partners has backed the management buy-in (MBI) of bagel bakery and retail business Bagel Nash as the company pursues an expansion strategy across northern England and the Midlands.
The firm has backed the acquisition of the company, which was founded 24 years ago, through three of its funds, Chandos and its two British Smaller Companies Venture Capital Trusts.
Bagel Nash’s bakery produces more than 12 million bagels every year, operates 11 coffee and bagel bars in Leeds, York, Huddersfield and Manchester, and exports to more than 20 countries.
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. Financial details have not been disclosed.
YFM Equity Partners has backed Andy Micklethwaite as the new chief executive of the company and Sara Hildreth as retail operations director. Micklethwaite led the MBI of food manufacturing business Symington’s in 2000, growing the business from £17 million to a turnover of £55 million.
Andy Micklethwaite, chief executive of Bagel Nash, comments, ‘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.’