Specialist corporate finance advice and on-going support from Bath accountants Monahans has helped food industry entrepreneur Melvin Glynn buy and develop a small cheese processing and wholesale business.
Mr Glynn is managing director of fast-growing crisps business Burts but wanted to acquire a business with potential. With a passion for cheese – he was previously commercial director of Ilchester Cheese Co and started his career at Western Cheese in Corsham – his new venture was likely to be in the dairy sector.
He chose Peter Lugg and Alison Bradshaw of Monahans Corporate Finance to help him acquire Windyridge Cheese, based in Wincanton.
The existing owners, Richard Harvey and Melanie Smith, had launched the company in 2002 and built a healthy small business, processing and wholesaling flavoured cheese as a sideline to their farming business.
Peter, who is based in Monahans’ Bath office, and Alison worked alongside London-based law firm Oghma Partners, specialists in advising European food and beverage companies, initially completing the financial due diligence for the deal.
They then helped Mr Glynn and his team access the right funding package and assisted with the financial forecasts required by the financiers. Monahans also provided specialist tax advice to ensure the acquisition was as tax efficient as possible.
Mr Glynn’s team was so impressed with Monahans that they have appointed the firm to provide on-going accountancy support and Linda Boss from Monahans has already assisted them in a number of ways.
Under the new ownership, business at Windyridge has already gone from strength to strength with Christmas trading comfortably up on the previous year.
Peter Lugg said: “This acquisition gives the team the opportunity to build on a great small business, utilising all their skills and experience in the food industry. We look forward to seeing Windyridge cheese on many supermarket shelves in the near future.”
