Cookies by name – Bakers by nature! – How to buy a Bakery
Cookies Bakery, with shops in Raunds and Oundle, is under new ownership, thanks to the finance arranged by Business Finance Services Ltd. (BFS). The business, which was started in 1995, has recently been acquired by Ian Smith and Mike Doyle. Ian has been head baker at Cookies since 2012, so when it went on the market he was keen to take over, and he teamed up with long-time friend and former colleague, Mike, to make the acquisition. They intend to build on the reputation for quality products and great service, established under the previous ownership, to continue supplying the business’s existing clientele and establish new markets and customers.
As they said, “We really see the value of having quality bakery products available locally, and in the case of Raunds, also providing a welcoming drop-in point for excellent food and drink in our coffee shop. It’s so convenient to pop into town for a loaf of bread and cakes, rather than driving all the way to an out-of-town supermarket; and it’s great to be able to stop off for a freshly baked snack and a cup of freshly-brewed coffee at lunchtime, or when doing the shopping.”
This project was introduced to BFS by our Associate Alan Price. Alan had been advising Mike and Ian through his own company Harpconsult Ltd, which dealt with the preparatory figure work, business planning and initial negotiations. Once the terms of the purchase were agreed Business Finance Services Ltd. stepped in to arrange the finance for the deal. Due to lack of significant security this was not a straight forward lending project however. Even more so as neither Mike nor Ian had any experience of owning & managing a business. Despite this, after a considerable amount of research, we were able to match up Mike and Ian with a specialist Lender, who was prepared to provide loans in such circumstances. The Lending case was strengthened by the assertion that Ian and Mike would continue to use Alan in an on-going mentoring capacity in the future. As a result the loan was agreed and has subsequently been drawn down.
The result is two very happy bakers who are now busy running, and growing, their own business. To quote Mike “We are really looking forward to continuing to serve businesses and communities in both Oundle and Raunds for many years to come! Of course, we will also be looking to expand our existing commercial and wholesale customer base to get the well-known “Cookies” brand into even more restaurants, shops, offices and factories in the region,”
So, if you are thinking of buying, or setting up your own business and need help with negotiating and financing the purchase, you can do no better than to talk to us at Business Finance Services Ltd. Just call either Alan Price on 07768 636 246 or e-mail: firstname.lastname@example.org , or Peter Douglas on 07770 866 955 or e-mail: email@example.com . We look forward to hearing from you.