Yorkshire duo save Welsh pastry firm
A PASTRY firm has been saved from closure by two Leeds-based sales directors.
Medway Foods – which operated three factories in Whitstable, Sheppey and Bridgend – went into receivership last month.
The deal – which saves 40 jobs – sees Emma Crowther and Philip Stanton become majority shareholders in newly formed company Pin-it Pastry – which has acquired the goodwill and assets of Medway Foods Bridgend pastry factory for an undisclosed sum.
The pair both worked for specialty frozen food manufacturer Medway Foods – which operated three factories in Whitstable, Sheppey and Bridgend – before it fell into the hands of receivers.
Finance director Ceri Smith and operations director Mark Jones join the duo in the deal that was structured by Will Arnold and Jim Whittaker of BTG McInnes Corporate Finance and has been backed by Five Arrows Commercial Finance.
Mr Stanton said: “This is a new start for the best aspects of Medway Foods, and it means a future for dozens of workers. We have a highly skilled workforce and excellent niche products, and the new company will be focused on a market we know very well with the highest quality product range.
“Although our products are used nationally, and our customers are high quality food manufacturers all over the UK, we have a great many customers in this region, and will be looking for more opportunities to grow sales on the back of our reputation and niche expertise.”
The pair will continue to be based in Leeds and will drive the sales of the frozen pastry products to wholesale bakers and food suppliers.
The firm's savoury pastry is used to produce pie crusts for restaurants and bars including Vintage Inns and Wetherspoons, and their 'en croute' pastry can be found in ready meals on the shelves of Marks & Spencer, Waitrose and Sainsbury.
BTG McInnes advisor Will Arnold said: “The rescue of a viable business with respected products by the people who know this operation so well is the best possible outcome for all concerned. The business has a great product range, excellent reputation and is able to trade from day one, in a position to excel in a niche the board knows inside out.”
