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12/12/2014

Six figure succession funding package helps West Wales Bacon Supplies reach new heights

Husband and wife, Chris and Kim Isaac have bought into an established meat packaging and distribution company based in Cross Hands.

The Isaacs have bought West Wales Bacon Supplies from its former owner, funding the purchase using their own savings and a six figure loan from Finance Wales.

Former owner and local businessman, John Davies set up the company 28 years ago and today its loyal team of 10 supplies around 250 local customers throughout South and West Wales.

Now, having taken over at the company, new Managing Director Chris Isaac is excited about moving the business forward: “Kim and I have always wanted to run our own business and taking on a well-established business like West Wales Bacon Supplies is the right option for us.  It’s known for its high-quality products and the personal service of its loyal staff and we’re keen to build on what John and his team have achieved. 

“With my logistics background, I’m confident we can improve our customer services and generate savings by improving our distribution. We’ll then be able to plough these savings into expanding our premium range. Finance Wales’ funding and local support has meant a smooth transition for the company and its employees and allowed us to fulfil a life-long ambition,” Chris explained.

Established in 1986, West Wales Bacon Supplies slices, weighs and vacuum-packs bacon and cooked meats, supplying cafes, hotels, pubs and shops across South and West Wales.

The company’s fleet of delivery vans are a familiar sight on local roads and its customers value the service it provides as well as the range and quality of meat products it supplies. 

Mr and Mrs Isaac were alerted to the opportunity to buy the company soon after Mr Davies put the business up for sale earlier this year following his decision to retire. After deciding to take the business on the couple approached Finance Wales who help Welsh businesses secure succession funding. 

Tony Dowrick, an Investment Executive based at Finance Wales’ local office in Dafen structured the succession investment. Tony said: “Finding new owners for West Wales Bacon Supplies was crucial as it’s an established local business employing 10 staff with a loyal customer base in a close-knit community.  Chris and Kim wanted to run their own business, but starting up a business wasn’t the right fit for them. 

“Finance Wales’ loan has helped an aspiring couple achieve a long-held ambition while also safeguarding 10 jobs and protecting existing local supplier relationships.The Isaacs have the drive to breathe new life into the business and take it to new heights.”

Since taking over the company at the end of Septmeber the couple have already achieved a 10% rise in profits for October and November and are now looking forward to the busy Christmas period with a potential recruitment drive planned for the new year.

West Wales Bacon Supplies is one of Finance Wales’ latest succession investments.  It has invested over £29 million to enable ambitious management teams to take over at 94 established Welsh companies and these businesses have created and safeguarded over 1,100 jobs in Wales.

Chris Griffiths, New Investments Fund Manager at Finance Wales specialises in succession investments and he believes that acquiring an established business is an attractive option: “Finance Wales is eager to back more management buy-ins and buy-outs of established Welsh SMEs.  They’re important to the future prosperity of the Welsh economy but many Welsh managers are often unaware of the funding options open to them to help them own their own business.  We can tailor our funding to suit individual managers’ and management teams’ needs.

Finance Wales’ investment in West Wales Bacon Supplies came from the £40 million Wales SME Investment Fund.