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

Appley Bridge consultancy wins third industry award in USA EPIC Award Win

Appley Bridge consultancy wins third industry award in USA

17 May 2024

2

Navigator completes £131m takeover of Accrol accrol-papers-500x328.jpg

Navigator completes £131m takeover of Accrol

16 May 2024

3

Tech institute calls for business support in addressing skills gaps Lancashire And Cumbria Institute Of Technology

Tech institute calls for business support in addressing skills gaps

17 May 2024

4

Your comprehensive guide to tax planning for financial success AdobeStock_202193721 (1).jpeg.jpg

Your comprehensive guide to tax planning for financial success

17 May 2024

5

New Cleveleys shop draws hundreds of shoppers on first day Millstones Cleveleys

New Cleveleys shop draws hundreds of shoppers on first day

17 May 2024

Lbv116 Ltb Strip980
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
Wedding Dress Shopping Weekend
wedding12.jpg.jpg
LBV Hub Fundraisers
18 May 2024 - 19 May 2024

Wedding Dress Shopping Weekend

St Catherine's Hospice, Preston, PR5 5XU

10:00 - 16:00

Business Networking in Chorley - BNI Endeavour
EVENT LISTING SIZING Endeavour.png.png
LBV Hub Networking
21 May 2024

Business Networking in Chorley - BNI Endeavour

Oak Royal, Bury Lane, Chorley, PR6 8SW

06:30 - 08:30

Business Networking in Blackburn - BNI Vista
EVENT LISTING SIZING Vista.png.png
LBV Hub Networking
21 May 2024

Business Networking in Blackburn - BNI Vista

Hampton by Hilton, 2 Frontier Ave, Blackburn, BB1 3AL

06:45 - 08:30

Business Networking in Preston - BNI Diamond
EVENT LISTING BNI Diamond.png.png
LBV Hub Networking
22 May 2024

Business Networking in Preston - BNI Diamond

The Marriot Hotel, Garstang Road, Broughton, PR3 5JB

07:15 - 09:00

Business Networking in Lancaster - Eden Business Network
EVENT LISTING Eden Business Network.png.png
LBV Hub Networking
22 May 2024

Business Networking in Lancaster - Eden Business Network

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

18:30 - 20:30

Business Networking in Accrington - BNI Zeus
EVENT LISTING SIZING Zeus.png.png
LBV Hub Networking
22 May 2024

Business Networking in Accrington - BNI Zeus

The Mill House, Corn Mill Yard, Accrington, BB5 5HX

06:45 - 08:30

Your Business Bootcamp
CBP-logo LBV.png.png
LBV Hub Networking
22 May 2024

Your Business Bootcamp

Burnley Football Club, Turf Moor, 52-56 Harry Potts Way, Burnley, BB10 4BX

08:30 - 13:30

Chamber Breakfast Networking
Chamber Logo1.png.png
LBV Hub Networking
23 May 2024 - 23 May 2024

Chamber Breakfast Networking

HIC, Lancaster University, Bailrigg, Lancaster, LA1 4AT

08:00 - 10:00

Business Networking in Burnley - BNI Kudos
EVENT LISTING BNI Kudos.png.png
LBV Hub Networking
23 May 2024 - 23 May 2024

Business Networking in Burnley - BNI Kudos

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

06:45 - 08:30

Creative Lancashire Networking Social
Untitled design-4.png.png
LBV Hub Networking
23 May 2024

Creative Lancashire Networking Social

Society1 Coworking Space, Preston, PR1 3LT

17:30 - 19:30

Business Networking in Lancaster - BNI Castle
EVENT LISTING BNI Castle.png.png
LBV Hub Networking
23 May 2024 - 23 May 2024

Business Networking in Lancaster - BNI Castle

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

06:45 - 08:30

Business Networking in Preston - BNI Brunch
EVENT LISTING SIZING Brunch .png.png
LBV Hub Networking
24 May 2024

Business Networking in Preston - BNI Brunch

Samlesbury Hotel, Preston, PR5 0UL

09:30 - 11:00

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 LBV116 Online Graphic
Subscribe now

Weekly news bulletin