Wed, 02 Nov 2011 | BUSINESS SALE
Bagel Factory, the UK’s largest chain of bagel sellers, has been placed on the shelf with a £2 million price tag.
The firm’s plan is to seek an outright sale or a source for new funding to help develop the growth of the bagel brand. It is presently owned by a group of private investors, including the company’s chairman Geoff Westmore, the former global head of M&A at PricewaterhouseCoopers.
Coffer Corporate Leisure is advising on the sale and has received many bids of interest from private equity firms and trade buyers who sell healthy foods to people travelling through train stations.
It bought its rival Oi! Bagel, with five outlets, in August 2008, but has since fallen on tougher times, with the closure of five of its shops this year, four of which were loss making. Another two are due to be closed before the end of this year, with one other store scheduled to be closed in 2012.
Established in 1997, the Bagel Factory now has 14 outlets in England and a further 40 franchise units in Ireland. It mainly operates in train stations, offering a wide range of choices to customers.
Revenues for the business fell from £6.194 million in 2009 to £5.287 million last year. It also reported pre-tax profits of £148,524 for the year ending 25 September 2010, and a pre-tax loss of £351,160 for 2009.
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