Bagel Nash founders ready for new challenge

BAGEL Nash founders Uri and Karen Mizrahi have already been approached to invest in new ventures after selling the business they built for more than 20 years.

Mr Mizrahi told TheBusinessDesk.com that they were taking a break after the sale but intended to return to business.

Bagel Nash was sold last month to a team led by former Symingtons managing director Andy Micklethwaite backed by YFM Equity Partners.

The couple launched the firm in 1987 and grew it from a single store in the Moortown area of Leeds to a chain of stores across the North and a bakery producing 12m bagels every year exporting to 20 countries.

Mr Mizrahi said: “Since the recession started we didn’t open any more branches. The business was still growing and performing very well but it needed a long term commitment and we wondered whether that was what we really wanted to do or take a break and do something else?”

Sterling Corporate Finance was engaged to conduct a strategic review of the business with sale only one of the options on the table.

“We looked at all the options but once we came to market there was so much interest a bidding process started. We thought if we can get a fair price for it we would consider selling it.

“There have been mixed emotions. It has been our baby and we have run it as a very close-knit family business and we felt very attached to it but we felt the brand needed to move forward.”

The couple have now started a gap year but thoughts have already turned to their next venture.

“We are still very driven and relatively young and we want to do other things as well. We don’t have to work which is a nice position to be in but we enjoy business life and we are looking for the next challenge.

“Our natural inclination is food retail that we know very well but the truth is we are considering other options and we have had approaches already from people asking us to invest in various fields.”

Schofield Sweeney provided the Mizrahis with legal advice on the deal.