A Yorkshire catering supplies firm that sources and distributes fresh fruit, vegetables, and fine foods to various industries has successfully completed a management buyout of its entire share capital as part of a family succession plan.
Threshfield Catering Supplies initially began as a local fruit and vegetable shop supplying residents in the Guiseley area before being approached by a nearby Grammar school and Restauranteur wanting to provide students, employees, and diners with fresh, locally sourced ingredients.
From here, founder Michael Buck realised an opportunity to expand into trading wholesale fresh fruit, vegetables, dairy products, and a delicatessen with the catering sector, their customer base consisting of restaurants, hotels, schools and nursing homes. The business grew from a local shop into a warehouse.
The business diversified into online retail sales prior to the Covid Pandemic in 2020 by creating VegBoxCo and as a result of the lockdown, sales exponentially grew for their customisable boxes while the requirement from schools, restaurants, and hotels decreased due to being forced to close.
VegBoxCo delivers to Leeds, Bradford, Harrogate, Halifax, Huddersfield, and the surrounding areas, and through advertising on social media, the business announced that the warehouse was open to the public and orders can be placed by telephoning the office alongside the website.
The succession plan sees Michael Buck transferring the business to his son, Richard, with the Pierce Corporate Finance Team providing support and advice on the details of the buy-out.
Michael, although reducing his current operational role within the business will continue to work with Richard and the business on a consultancy basis during a transition period to ensure a smooth handover of operation and management responsibilities. The buyout facilitates retention of the business within the family.
Legal advice on the transaction was provided by Greg Gardner-Boyes, KBL Solicitors.
Michael Buck, founder of Threshfield Catering Supplies said, “I have worked with Pierce for over 40 years having their help on many occasions has helped me plough through the lows and highs of building a business up and now they have assisted us in putting a package together not just dealing with myself and Richard but also the banks as well. I am now looking forward to many years of retirement.”
Jimmy Moore, Pierce Corporate Finance added “It was a pleasure to assist Mick and Richard on this transaction, allowing Mick to realise value from the business he has taken from humble beginnings to the successful business in operation today. The transaction allows the business to remain within the family under the new stewardship of Richard Buck. I look forward to seeing how Richard takes the business forward.”