Owner change for Buxton Spa
18 May, 2007
Buxton Spa Bakery has seen control of the family-owned company pass to a third generation, following a management buyout.
Chairman Peter Higgins retired and handed over full control of the £5 million turnover business to his son, the current MD, Mike Higgins, who said he plans to focus on developing the business' range of luxury, premium products. "We are now implementing a strategy to target further growth in our own-label operations and will continue to secure opportunities for our Holmfield Bakery brand," he added.Buxton Spa Bakery employs 120 people and produces over a million own-label cakes for supermarkets and convenience stores.including Morrisons, Co-op and Tesco. It also owns the Holmfield Bakery brand which supplies Aldi, Somerfield, Nisa and Kwik. The management buyout deal was led by Jeff Barber of McInnes Corporate Finance and was funded through Lloyds TSB Commercial Finance.