Pictured above: Andrew Millington, corporate finance partner
at Mazars in Birmingham
The Birmingham office of international accountants Mazars has
helped save a south Wales bakery.
Last November Lancashire-based Warburtons said it was
considering shutting its Newport factory.
Crumlin-based Brace's Bakery Ltd declared an interest in taking
over the site and securing the future of the employees currently
working there.
Andrew Millington, corporate finance partner at Mazars in
Birmingham, was part of a team from the firm's Midlands and South
regions which advised Brace's on the acquisition.
He said: "The transaction was completed to a tight timeline once
agreement on the sale had been reached.
"We were very pleased to advise on a deal in which so many jobs
were saved. It provides Brace's with the additional capacity it has
been looking for to meet demand from customers. We hope Brace's
continues to go from strength to strength."
Brace's legal advisers were Morgan Cole and banking support was
with HSBC. Warburtons' legal advisers were Eversheds.
Warburtons acquired the Rogerstone site in Newport in 2005,
opening in 2006 after a £10 million investment..
Brace's Bakery Ltd was founded over 100 years ago when George
Brace delivered bread by horse and cart and is now run by the
fourth generation of the family. Before the acquisition of
the Warburtons' site, Brace's employed more than 300 staff.
Brace's already has two existing plants at Croespenmaen, which
specialises in bread, Welsh cakes and morning goods and Pen-y-Fan,
where 6,000 loaves are produced every hour. Brace's depots operate
from Crumlin, Ammanford, Bristol and Plymouth.
Scott Richardson, Director of Sales and Marketing at Brace's
said: "This is a very exciting time for Brace's Bakery as the
business is rapidly expanding and we appreciate the support and
professionalism of the team at Mazars. We have welcomed former
Warburtons employees to the Brace's team and look forward to
strengthening our existing position as the number one consumer
choice for white sliced bread in South Wales and the South
West..
"We are confident that our existing expansion plans for 2011
will be welcomed by our loyal customer base and we look forward to
fulfilling their expectations."