Baker & Spice Ltd

Service(s): Corporate Insolvency Solutions
Sector: Retail

Baker & Spice Ltd, a boutique-style food retailer with outlets in Chelsea, Queens Park, Belgravia, Maida Vale and a concession at Selfridges in London, is a well respected brand in the London market with a significant workforce. 

Due to historic losses and ongoing supply issues, the business had to enter into administration on 20 February 2009, with the appointment of Nick O’Reilly and Geoff Rowley, of FRP Advisory LLP, as Joint Administrators. 

Following the valuation of the business and its assets by an independent agent, the Joint Administrators carried out a discreet marketing exercise targeting specialty hospitality operators to try to secure a sale. They subsequently generated interest from five parties, including the existing management team. 

However, following offers made by three of these parties, only two could demonstrate sufficient funding. The team then accepted a third party offer from Spice Bakery Limited, led by Luke Johnson and funded by Risk Capital Partners, for the business and certain assets as a going concern.

The new business retained the Baker & Spice brand name and has since been capitalising on economies of scale gained from becoming a part of a larger entity.

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