Equity investor MTLS Ventures has taken a “significant” minority stake as part of a £1.7m fundraising in a South West bakery company, Parsons Bakery. The fundraising also includes a new seven-figure finance agreement with Santander.
Bakery business Parsons is planning to create more than 200 jobs and double the number of stores after securing the cash.
The company, which operates from one central bakery in Bristol, is to open 12 shops a year for the next three years, which will take its number of outlets from 34 to 70 by the end of 2015. At least 90 full-time jobs are to be created with even more part time roles at both the new shops and the Bristol bakery.
It was founded more than 100 years ago and Parsons currently has sites in Bristol, Somerset, Gloucestershire, Wiltshire and Berkshire.
Isca Ventures acted as lead corporate finance advisers on the transaction.
Tom Curling of Baker Tilly provided transaction support to Parsons on the deal. Mark Tuckwell and David Nash of Magma Chartered Accountants advised MTLS.
