Bread Holdings


Leisure / Food Service

Deal Type

Management buy-out

Investment Date


Exit Date

Sept 2021


Bread Holdings is the holding company of the Bread Factory and GAIL’s Artisan Bakery, a fast growing and critically acclaimed retail bakery and cafe. GAIL’s bread is also available through Waitrose, Harvey Nichols and Ocado the online grocer.

Risk Capital Partners backed the management buyout in 2011 and supported the continued growth of the business.

Why we invested:

  • Strong brand identity, defining the premium artisan bakery market
  • Increased demand for quality artisan food & coffee
  • Mix of distribution models – wholesale and retail
  • Opportunity to grow Gail’s bakeries from eight sites


At time of sell out, September 2021, our investment in Bread Holdings delivered a double-digit cash multiple on our original stake. During the last decade, the business has grown organically and through acquisition, revenues have risen six-fold under Tom Molnar’s leadership. We are immensely proud of our collaboration and achievements with GAIL’s and The Bread factory. Luke Johnson remains a shareholder and a member of the Board.

“Risk help us to manage our growth because above all they understand us, they get it – we bake really great bread and believe in the future of craft baking!”

Tom Molnar
CEO Bread Factory