- Type of finance
Equity and loan
- Business need
Buying a business
“The positives of having the equity from the Development Bank of Wales is the people I’m dealing with are experts at what they do – they’re people on your side, able to give advice, ideas, and thoughts about how I can do things better, towards my vision.”
Father-of-three Mike Woods completed the management buyout of the company he set up in 2009 after two of his children were diagnosed with a severe nut allergy.
Eleven years on, Caerphilly-based Just Love Food Company provides nut-free, vegan, gluten and milk-free cakes to the ‘big four’ supermarkets; Tesco, Asda, Sainsbury’s, and Morrisons. And the company – which has a turnover of £3.8million and employs 70 people – has recently launched a caterpillar cake called Archie which is suitable for vegans.
Thanks to a £750,000 loan and equity funding package provided by the Development Bank of Wales, Mike, 56, has been able to buyout existing shareholders and take back control of his company, with the Development Bank taking a 30% equity stake.
Watch our video to find out more.