Bakery and cafe brand Cooplands acquired from EG Group in management buyout: Bakery and cafe brand Cooplands, which has 154 shops across Yorkshire, Lincolnshire and the north east has been acquired from EG Group. Cooplands has been acquired in a management buy-in led by David Salkeld, who will reassume his role as chairman, supported by Paul Coopland, from the original Cooplands family, who will return to the organisation as non-executive director. John Ruddock, who has been with the business for more than 20 years, will continue as chief executive. Two new executives, John Kitson, as chief financial officer, and Steph McGinty, as HR and transformation director, complete the team. Cooplands owns and operates two bakeries that manufacture freshly baked products distributed through its supply and logistics network to its stores and employs more than 1,400 staff. The company was founded by Frederick and Alice Coopland and started as a pork butcher and pie maker in 1885. Ruddock said: "It is with genuine pride that we announce this purchase, which brings Cooplands back under the management of a locally based team with strong and established knowledge of our organisation, our colleagues, suppliers and customers. This gives us the opportunity to focus on strategic growth for the future, whilst preserving the traditional values and excellence for which the brand has been known and respected for more than 140 years.” Cooplands was acquired by EG Group in October 2021 in a deal that provided an exit for Business Growth Fund. EG Group said: “This sale represents another positive step in EG Group's ongoing strategy to focus on its core markets in the US and Europe, as the group develops a platform for further growth through its world-class grocery and merchandise, foodservice and fuel retail proposition. The transaction brings the Cooplands business into the ownership of a management team that is well-positioned to support it in its next chapter.” Latest available accounts show Cooplands turned over £68,757,598 for the year ending to 31 December 2023 with a pr-tax loss of £18,250,939. Cooplands features in the Who’s Who of UK Hospitality, which is one of six databases exclusive to Premium Club members. The latest edition features 1,113 companies. The companies, listed in alphabetical order, have their most recent results reported as well as broader information around Ebitda, plans and trading style available. The database merges Companies House information, interviews and other public information to provide an easy to reference and exhaustive guide to the sector. Email kai.kirkman@propelinfo.com today to sign up.

Chestnut Group secures new £20m financing package: Chestnut Group, the east of England hospitality company, has received £20m in new bank financing, to help with further acquisitions. The new package from Metro Bank takes the bank’s total support of the 26-strong Chestnut to £50m, and comprises a £10m revolving credit line and £10m commercial loan. The lending will be used by Chestnut towards further expansion. The facility includes funding for the recently acquired Titchwell Manor Hotel in Norfolk with further funding remaining for future potential acquisitions. Titchwell Manor joins Chestnut’s growing collection of Big House hotels. In August, the business also added The Angel Inn in Stoke by Nayland and The Anchor Inn in Nayland to its estate. Philip Turner, founder and chief executive of Chestnut, said: “Metro Bank understood our needs from the start, and it’s supported our aspirations over the years as we grow and develop our business. We are passionate about what we do and it’s refreshing to feel the same enthusiasm from our bank.” Nick Kalamaras, head of hospitality and leisure at Metro Bank, said: “We’ve worked closely with Chestnut Group for a number of years, listening to its business goals and providing a flexible approach to financing. This lending means the business can continue to grow, in turn supporting the local economy and creating jobs.”