Food business acquisition helps former corporate banker serve up new career
NEW outlets are being sought by a South Yorkshire catering and café business after being acquired by a former corporate banker.
Time Food Services in Sheffield is planning a gradual expansion and creation of new jobs after being acquired by former Lloyds TSB corporate banker Mike Rogers, who was advised by York-based accountants and business advisers JWPCreers, for a “significant” but undisclosed sum.
Rogers, who worked at Lloyds TSB corporate banking from being a teenager, latterly at its Leeds office, will run Time Food Services, which has cafes in Sheffield and North Derbyshire, with his wife and co-director Gillian and daughter Abigail who has worked in the hospitality industry since leaving Sheffield University four years ago.
Time Food Services was founded in 2009 as O’Briens and changed its name in 2011. The business, which was sold by its owner, Staffordshire businessman Wayne Fenton, has more than 20 staff and an £800,000 turnover.
As well as running the 130-cover Time Cafébar at Four Seasons Shopping Centre, Mansfield and the 100-cover Time Cafébar at Crystal Peaks Shopping Centre, Sheffield, the company provides outside catering services for private functions throughout South Yorkshire and down to The Midlands.
Rogers, who left banking in 2004, says: “Having worked in banking since I was 15, I decided I wanted to look for new challenges doing something totally different. After leaving Lloyds I was a founding director of the Nonwoven Innovation and Research Institute – a fast growing Leeds University spin-out company, which I continue to work with.
“I have acquired Time Food Services as it will allow my family and I to take advantage of our skills and experience to grow a well-established and highly regarded brand.
“Our shopping centre locations in Sheffield and Mansfield are ideal for high footfall trade and because people often want to treat themselves or meet friends when they go shopping. However, we have found that many regular customers visit Time Cafebar because of the quality of our offer and friendly service and not because they are visiting the centre anyway.”
He added: “We’re planning to grow the business by expanding into new outlets and aim to have another one open in our first year’s trading. Our outside catering is very popular for corporate events and private functions such as birthdays, christenings and retirements. We also do a great line in children ‘s parties and we’re looking to expand this side of the business as well.”
JWPCreers corporate finance partner Tony Farmer said: “Time Food Services is an excellent small business with an offer which can be expanded wherever people want a light meal and a break. I’m sure that, with his commercial banking background and family input, Mike Rogers will successfully expand this enterprise.”
Partner at York law firm, Ware & Kaye, Peter Kay, provided legal advice to Rogers on the acquisition.