Brace’s Bakery has been acquired in a deal the buyer says secures the future of the Welsh bread maker and safeguards “hundreds of jobs”.
The new owner of Brace’s Bakery is Boparan Private Office (BPO), the private investment vehicle of UK-based entrepreneur and billionaire Ranjit Singh Boparan.
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The financial terms of the deal were not disclosed.
Founded in 1902, Brace’s Bakery supplies bread, Welsh cakes, rolls and other bakery products to retailers across Wales and the west of England.
Accounts for the year to 28 September 2024, filed at Companies House in January, show Brace’s Bakery reported a loss of £1.3m ($1.7m), compared with a profit of £819,568 a year earlier.
In the filing, the company said the UK bakery market has presented “significant challenges” over the last 12 months, with the group experiencing a “significant decline in its overall volume”, which “inevitably caused profitability and working capital challenges”.
Reports in October suggested that Brace’s Bakery was planning to close its Pen-Y-Fan industrial estate factory in Blackwood, Wales.
In a statement, Mr Boparan said: “Brace’s is an iconic brand with a rich heritage and we are delighted to have been able to reach an agreement to step in and preserve this business.
“Our focus is on providing the backing and stability the business needs to move forward and build a sustainable future while maintaining the identity and quality that customers trust.”
In October, Mr Boparan acquired another UK baker, Roberts Bakery, weeks after the business filed a so-called Notice of Intention (NOI) to appoint administrators.
The businessman is also the owner of 2 Sisters Food Group, a poultry processor and major private-label supplier to the UK’s major supermarkets.
Mark Brace, Brace’s Bakery managing director, said: “This is an important step for Brace’s Bakery. My brother and fellow director, Jonathan, and I are both delighted that Boparan Private Office has stepped in to give the brand the opportunity to build on almost 125 years of baking heritage as we move into a new era.
“Boparan Private Office understands the importance of the Brace’s brand, its people and the communities we serve. Their support provides a clear path forward for the business, allowing us to focus on strengthening Brace’s operations and continuing to deliver the quality products our customers expect.”
