The retail bakery business, which announced just over a month ago it would be opening up to 10 new sites in the next year, said the financial backing from independent group Business Growth Fund (BGF) would be used to accelerate the company’s roll-out programme of high street bakeries in the next four years.
As a result of the move, Peyton and Byrne said it will be hiring approximately 200 new employees in the process, as well as “facilitating its expansion plans within the premium end of catering in iconic visitor attractions”.
Oliver Peyton, owner of Peyton and Byrne, said: “Peyton and Byrne has established itself in some of the finest venues in the world and we believe that now is the right time for us to take the next step. We know there are lots of opportunities for our company, both in our existing venues, in other premium visitor attractions and important iconic cultural venues, where we will continue to expand.
“BGF is offering the chance to take full advantage of the opportunities available to us to and it is absolutely fantastic to see British retail businesses being backed in this way. We liked the fact that BGF is providing expansion capital to high-growth businesses like ours - the type of funding that will continue to contribute to the recovery of the UK economy.”
As part of the announcement, Peyton and Byrne said it had appointed two new members to its board including Mike Johnson, managing director of contract catering firm Sodexo, as non-executive chairman, as well as Alistair Brew, investment director at BGF, as non-executive director.
Brew said: “A large part of Peyton and Byrne’s growth will come from expanding the portfolio of bakery sites and restaurants and we felt that BGF’s mix of patient growth capital and desire to provide additional help and expertise across the business was an ideal fit for the company.
“With the injection of funding, a strengthened management team and multiple growth drivers across all areas of the business, we look forward to being part of an exciting and growing brand in the UK.”