Pierce advises on family firm's share capital buyout

Threshfield PR.png.jpg

A Yorkshire catering supplies firm that sources and distributes fresh fruit, vegetables, and fine foods to various industries has successfully completed a management buyout of its entire share capital as part of a family succession plan.

Threshfield Catering Supplies initially began as a local fruit and vegetable shop supplying residents in the Guiseley area before being approached by a nearby Grammar school and Restauranteur wanting to provide students, employees, and diners with fresh, locally sourced ingredients.

From here, founder Michael Buck realised an opportunity to expand into trading wholesale fresh fruit, vegetables, dairy products, and a delicatessen with the catering sector, their customer base consisting of restaurants, hotels, schools and nursing homes. The business grew from a local shop into a warehouse.

The business diversified into online retail sales prior to the Covid Pandemic in 2020 by creating VegBoxCo and as a result of the lockdown, sales exponentially grew for their customisable boxes while the requirement from schools, restaurants, and hotels decreased due to being forced to close.

VegBoxCo delivers to Leeds, Bradford, Harrogate, Halifax, Huddersfield, and the surrounding areas, and through advertising on social media, the business announced that the warehouse was open to the public and orders can be placed by telephoning the office alongside the website.

The succession plan sees Michael Buck transferring the business to his son, Richard, with the Pierce Corporate Finance Team providing support and advice on the details of the buy-out.

Michael, although reducing his current operational role within the business will continue to work with Richard and the business on a consultancy basis during a transition period to ensure a smooth handover of operation and management responsibilities. The buyout facilitates retention of the business within the family.

Legal advice on the transaction was provided by Greg Gardner-Boyes, KBL Solicitors.

Michael Buck, founder of Threshfield Catering Supplies, said: “I have worked with Pierce for over 40 years having their help on many occasions has helped me plough through the lows and highs of building a business up and now they have assisted us in putting a package together not just dealing with myself and Richard but also the banks as well. I am now looking forward to many years of retirement.”

Jimmy Moore, Pierce Corporate Finance, added: “It was a pleasure to assist Mick and Richard on this transaction, allowing Mick to realise value from the business he has taken from humble beginnings to the successful business in operation today. The transaction allows the business to remain within the family under the new stewardship of Richard Buck. I look forward to seeing how Richard takes the business forward.”

Enjoyed this? Read more from Pierce CA Ltd

Latest news

1

Key figures sign historic devolution deal Lancashire Devolution Signing

Key figures sign historic devolution deal

28 Nov 2023

2

Amanda’s personality shines on Lancashire Business Day 231124LBVLancashireDayEventweb 9898

Amanda’s personality shines on Lancashire Business Day

28 Nov 2023

3

Don't judge, not everybody's got a great brand, ok? Laura Weldon Studio LWD

Don't judge, not everybody's got a great brand, ok?

27 Nov 2023

4

The Eventus Recruitment Group expands into Ireland Ireland LBV.png.png

The Eventus Recruitment Group expands into Ireland

28 Nov 2023

5

Award-winning GaraDry hosts royal visit GaraDry Kings Award

Award-winning GaraDry hosts royal visit

28 Nov 2023

2664LBD980x120gif
Background image for hub sign up block

LBV Hub

Reach 50,000 members of the Lancashire business community

Post your news
Post your events
Post your offers
Company profile
Social reach
Magazine coverage
Sign-up
Events
Help to Grow Management Course
Collaboration v3.png.png
LBV Hub Seminars
31 Oct 2023 - 14 Feb 2024

Help to Grow Management Course

University of Central Lancashire, School, Online and face-to-face , UCLan, PR1 2HE

09:30 - 11:30

Business Networking in Blackburn - BNI Vista | LBV Hub Event
EVENT LISTING SIZING Vista.png.png
LBV Hub Networking
28 Nov 2023

Business Networking in Blackburn - BNI Vista | LBV Hub Event

The Willows, Haslingden Road , Blackburn, BB1 2NG

06:45 - 08:30

Business Networking in Chorley - BNI Endeavour
EVENT LISTING SIZING Endeavour.png.png
LBV Hub Networking
28 Nov 2023

Business Networking in Chorley - BNI Endeavour

Oak Royal, Bury Lane, Chorley, PR6 8SW

06:30 - 08:30

Cloud accounting drop-in day
Cloud Accounting drop in.jpg.jpg
LBV Hub Seminars
28 Nov 2023

Cloud accounting drop-in day

PM+M Solutions for Business LLP Sandringham House, Hollins Brook Park Pilsworth Road, Blackburn, BB1 5QB

10:00 - 16:00

ChamberSOCIAL - The Tipi
Chamber Logo1.png.png
LBV Hub Social
29 Nov 2023 - 29 Nov 2023

ChamberSOCIAL - The Tipi

Dalton Square, Lancaster, LA1 1PP

17:00 - 20:00

Business Networking in Lancaster - Eden Business Network
Eden Business Network.png.png
LBV Hub Networking
29 Nov 2023

Business Networking in Lancaster - Eden Business Network

The Borough, 3 Dalton Square, Lancaster, LA1 1PP

18:30 - 20:30

Business Networking in Morecambe - BNI Morecambe
EVENT LISTING BNI Morecambe.png.png
LBV Hub Networking
29 Nov 2023

Business Networking in Morecambe - BNI Morecambe

Vale of Lune RUFC, Powder House Lane, Lancaster, LA1 2TT

06:45 - 08:30

Business Networking in Preston - BNI Diamond
EVENT LISTING BNI Diamond.png.png
LBV Hub Networking
29 Nov 2023

Business Networking in Preston - BNI Diamond

Norman Jepson (Beefeater), Bluebell Way, Preston, PR2 5PZ

07:15 - 09:00

Business Networking in Accrington - BNI Zeus
EVENT LISTING SIZING Zeus.png.png
LBV Hub Networking
29 Nov 2023

Business Networking in Accrington - BNI Zeus

The Mill House, Accrington, BB5 5HX

06:45 - 08:30

Deaf Village Business Network Event
Businesses taking part in games.jpg.jpg
LBV Hub Networking
29 Nov 2023

Deaf Village Business Network Event

Deaf Village North West, Blackburn, BB2 5EN

15:00 - 17:00

Business Networking in Burnley - BNI Kudos
EVENT LISTING BNI Kudos.png.png
LBV Hub Networking
30 Nov 2023

Business Networking in Burnley - BNI Kudos

Prairie Sports Village, Windemere Avenue, Burnley, BB10 2FU

06:45 - 08:30

Business Networking in Lancaster - BNI Castle
EVENT LISTING BNI Castle.png.png
LBV Hub Networking
30 Nov 2023

Business Networking in Lancaster - BNI Castle

Vale of Lune RUFC, Powder House Lane, Lancaster, LA1 2TT

06:45 - 08:30

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV Advertising Visual NovDec
Subscribe now

Weekly news bulletin