- An opportunity came to take on Milligans bakery who we did an asset... >
An opportunity came to take on Milligans bakery who we did an asset transaction with at the end of 2006, and we had the premises to take the business onto the next level.
That take over was definitely an eye opener. When we acquired Andrew’s family business we agreed a fee, we took it over. Not many staff were involved. It all went quite smoothly and amicable.
With the Milligans deal there was a lot more involved, more legal issues, we went backwards and forwards on the negotiation side of it and obviously, in terms of funding, there was a greater need to provide projections and proving to other people that we could make this work.
Prior to that, we’d put our own money in, ran it on a fairly small basis, we could just grow it organically. But this was the first time that we had to convince other people to back us.
Greg PhillipsNorth East Bakery
