Gresham, the UK mid market private equity specialist, has announced that it has backed the buy-out of West Cornwall Pasty Company from its shareholders. 

Headquartered in Porthleven, Cornwall, WCPCo is the market-leading brand with 55 sites consisting of 34 shops, 18 station kiosks, 1 bar and 2 mobile units across the UK. Established in 1998, the company has won numerous awards including the Sage Business Awards’ ‘Fastest Growing Business’ category, and is also listed in the Fast Track 100. WCPCo has also won an Olive magazine award for the quality of its hand-made traditional Cornish pasty. 

The market for out-of-home eating in the UK continues to grow and there is considerable consumer demand for differentiated offerings such as WCPCo pasties. 

Christian Bruning, Partner at Gresham, who led the deal comments: “We are delighted to be backing the management of the West Cornwall Pasty Company as they take the business to its next stage of growth. We have put together an equity package that will enable the company to open around 50+ units across the UK with the potential to make acquisitions.” 

The management buy-out is led by Richard Nieto and Patrick Magrath, the Chief Executive Officer and Finance Director respectively. Gresham has complemented the team with the introduction of Paul Twamley as Chairman. Paul has substantial private equity experience and will add significant strategic input to the company. 

Richard Nieto, Chief Executive Officer of WCPCo, adds: “Partnering with Gresham will provide us with a strong platform from which to grow the business in the future. The new funding will enable us to implement our roll-out plans and we are very excited by the opportunities that lie ahead of us.” 

Gavin Cocking, outgoing Director of WCPCo said: “We knew that when we launched WCPCo in 1998 that there was a huge opportunity in the out-of-home eating market to bring the Cornish pasty to the rest of the UK. We have enjoyed a fantastic period of success and expansion over the last nine years but we always saw this as a ten year plan. I am delighted and confident that WCPCo will continue to flourish, with Gresham’s support, under Richard Nieto and the new management team.”