Ranjit Boparan has struck a deal to save historic Welsh bakery Brace’s from collapse, securing the jobs of hundreds of staff in the process.
It complements other bakery assets owned by the poultry tycoon’s private investment office, including Roberts Bakery, which was acquired out of administration last year.
Established in 1902, Brace’s Bakery is a fourth-generation family business with a long-standing reputation for supplying bread, Welsh cakes, rolls and other artisanal products to thousands of major supermarkets and independent retailers across the UK.
The business had faced an uncertain future as a result of challenging financial headwinds in the bakery industry, with the jobs of 250 staff at the manufacturing site in Newport hanging in the balance.
Boparan Private Office said the deal secured the future of Brace’s and protected the jobs at the site.
“Brace’s is an iconic brand with a rich heritage, and we are delighted to have been able to reach an agreement to step in and preserve this business, while helping to take it into a new era through investment, innovation and modernisation,” Ranjit Boparan said.
“Brace’s Bakery has been at the heart of its communities for generations, and we are absolutely committed to supporting its long-term success. Our focus is on providing the backing and stability the business needs to move forward and build a sustainable future while maintaining the identity and quality that customers trust.”
BPO is set to further invest in innovation across products, manufacturing, customer service and route to market to ensure Brace’s remained relevant, competitive and well positioned for future growth, Boparan added.
“We would like to take this opportunity to recognise the tremendous commitment and loyalty the Brace’s workforce has demonstrated during this challenging period. I recognise there has been uncertainty while discussions have taken place, which have admittedly taken longer than expected as we worked to ensure everything was in place for customers, the management team and all colleagues.
“While significant progress has been made, there is still work to do. We are committed to building strong, long-term relationships across our entire supply base and look forward to engaging with those suppliers where agreements are still to be reached. With continued support and collaboration, we are confident that together we can secure a sustainable future for Brace’s Bakery and create a genuine Welsh business success story for generations to come.”
Brace’s managing director Mark Brace said: “This is an important step for Brace’s Bakery, and my brother, and fellow director, Jonathan, and I are both delighted that Boparan Private Office has stepped in to give the brand the opportunity to build on almost 125 years of baking heritage as we move into a new era.
“Boparan Private Office understands the importance of the Brace’s brand, its people and the communities we serve. Their support provides a clear path forward for the business, allowing us to focus on strengthening Brace’s operations and continuing to deliver the quality products our customers expect.”
BPO is made up of four divisions, comprising a diverse portfolio of assets, including in agriculture & property, poultry processing and manufacturing of baked goods, pies and biscuits, and restaurant chains. Boparan also owns Boparan Holdings, which includes 2 Sisters Food Group.
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