For more than 40 years, Prima Bakeries has been baking Cornish Pasties and other tasty treats for its customers. With a team of skilled and dedicated bakers, the Redruth-based company also operates a wholesale delivery service throughout the county.
They’re also known for their ‘Pasties by Post’ service, which sees their products supplied to homes throughout the country thanks to a partnership with The Cornish Hamper Store.
Prima’s growth over the past 10 years or so meant that the company was operating at full capacity at peak times. When an opportunity arose to purchase a competitor business operating in the same product categories, the management team was keen to take it.
Prima approached Access to Finance for support with financial forecasting and fundraising. A2F Finance Specialist Yvic Carr worked closely with Managing Director Mark Norton over a number of months to assist with creating financial projections and a business plan. The also worked together to identify the all-important potential funding options that would allow the deal to be done.
The process was successful with Prima ultimately raising £3m, allowing it to acquire the competitor and expand its capacity.
“I will always be grateful to the support given by Access to Finance,” says Mark. “Yvic took time to truly understand my business and provided a thoughtful and professional approach to the task. The work we did together formed the basis of a successful fund raise, allowing us to achieve the planned acquisition”.