Craft pâtisserie trades in angels for major bakery firm investment

NORTH Yorkshire craft bakery Nibnibs has exchanged its angel investors for a trade investor, Haywood & Padgett.

Serial business angel, David Thornton, who, together with three other angels, including Colin Glass of WGN, Chartered Accountants, invested in the company as a virtual start-up situation in August 2014.

The initial investment having been successfully completed, Susan Dixon and Darren stepped up their sales and marketing initiative. only to find that one of the country’s largest scone manufacturers, Haywood & Padgett, were so taken with the products that they wished to invest in the company.

They offered the angels an exit premium that was mutually beneficial for the Angels, Haywood & Padgett and Nibnibs.

Investor Colin Glass said: “All the Angels thought Darren and Susan were fantastic and had created a great little business, with well received products, and we believed that, with our help and advice, they could build a successful and profitable company.

“However, once serious interest had been shown by Haywood & Padgett, we did not wish to stand in the way of Darren and Susan’s opportunity to team up with a well-respected company in the food industry which was likely to bring greater advantages to NIBNIBS than we could.

“Therefore, we entered into amicable negotiations with Wayne and Michelle Padgett which resulted in the Angels selling their shareholdings.

“All this happened within a six month period from making our investment. We were all very sad to bow out, but very happy with the result and with the future prospects of a very exciting brand.

“We wish Susan and Darren every success with their new partners – and we will continue to indulge in their products!”