Mon, 14 Apr 2014 | BUSINESS SALE
Investors including former England defender Danny Mills have bought the West Cornwall Pasty Company out of administration, saving more than 250 jobs in the process.
Enact, a £7.5 million-fund provided by the private equity house Endless, has announced that it will buy the brand along with 35 of its shops. A further 30 stores have not been bought so will close with the loss of 92 jobs.
Formerly owned by Gresham Private Equity, the West Cornwall Pasty Company was placed into administration with PwC on Friday 11 April, with the dubbed ‘pasty tax’ playing a big role in its downfall. Shortly afterwards Enact, advised by Simon Pilling and James Cook of Gordons, purchased the company for an undisclosed fee.
It is the first investment from Enact, three months after its launch. Danny Mills, a footballer who played for Leeds United and England and who has more recently appeared as a pundit for BBC, is one of the main investors in the group along with Tim Whitworth, founder of the Republic fashion chain.
Prior to the deal the West Cornwall Pasty Company, headquartered in Buckinghamshire, operated 20 railway station outlets as well as 45 in other locations. Following its purchase of the company, Enact stated that it plans to invest “significant capital” in refreshing the brand, product innovation and opening new stores in strategic locations.
Chris Cormack, investment director at Enact, said: “This deal marks an exciting new chapter for West Cornwall Pasty Company. The business has struggled to cope with the effects of the pasty tax and a number of under performing outlets.
“Fundamentally, West Cornwall Pasty Company is a market-leading brand, loved by millions of customers, and we are delighted this transaction takes the brand and business forward whilst preserving more than 200 jobs.”
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