- It was the first time that we had to convince other people to back us >
It was the first time that we had to convince other people to back us, but we went to the bank to be honest. I’d developed quite a good relationship with our bank manager at the time and we said, “We’ve got this opportunity, and we’re bursting at the seams with our original factory- we’re at the stage where you can’t have one oven on at the same time as that mixer.”
It was like buying a three to five year strategy. We needed bigger premises and we wanted more shops so we could increase the brand and the presence of our business throughout the North East. So it was a case of going to the bank and asking them to support us in doing that.
It was an interesting challenge to do all the projections and the cash flow analysis and the business plans and everything. Luckily the bank was prepared to back us and the deal was done.
Greg PhillipsNorth East Bakery
