David Wood Baking is set for a branding refresh after its lender, Barings, completed a buyout in partnership with co-founder and MD Karen Wood.
The transaction sees the global asset manager acquire the Leeds-headquartered bakery supplier following a challenging few years including a major fire at its ‘Dudley Super Site’ in September 2023.
In April 2024, Barings provided substantial credit facilities to help David Wood Baking bounce back and rescale production at its seven other sites across the UK – two in Bolton, and one each in Newport, Scarborough, Spalding, Sheerness, and Workington. The bakery business also sought guidance from advisory firm Interpath on recovery solutions.
To offer further stability in the group’s governance arrangements, Interpath’s Anthony Johnson-Magee and Kristina Kicks were appointed as joint receivers of its shares earlier this year. Interpath said it is anticipating that the pair will shortly be discharged from office, while Barings as well as Leumi UK will continue as lenders.
David Wood Baking employs more than 1,500 people, producing a wide variety of breads, savoury pastries, sweet treats, food-to-go items, and ready meals for own-label supermarket ranges and foodservice customers.
Companies House filings showed that David Wood, who co-founded the business with his wife Karen in 2008, resigned from the board on 10 April ahead of the move out of family ownership. The business has yet to file accounts for FY25, having reported turnover of almost £260m for the 18 months to November 2024. With monthly average sales 9.1% lower than the six months in the prior financial period, it fell from a £3.7m profit to a £6.5m operating loss.
“Our upcoming rebrand will be another step in that journey”
Karen is said to have led the bakery manufacturer since autumn 2025, and will continue in her MD role alongside an experienced executive team, including recently hired CFO Bruce Korican and operations director Aaron Corbett, who returns after a year each with The Bread Factory (Gail’s) and Speciality Breads.
“Our business has continued to evolve over the past 20 years at the heart of the UK food industry, transforming into a leading supplier of quality food products,” commented Karen Wood.
“Our upcoming rebrand will be another step in that journey as we continue to support some of the biggest names in retail, food manufacturing and foodservice. Like the rest of the industry, we’ve had to navigate inflation and a fragile trading environment, so we’re proud to have supportive partners in Barings and Leumi UK with us as we build a more resilient business for the future,” added Wood.
Abhi Bothra, senior director, capital solutions at Barings, described David Wood baking as a well-established operator in the UK food manufacturing sector, supported by longstanding customer relationships, a resilient business model and a reputation for quality. “We look forward to supporting the business as it embarks on its next phase of growth,” he said.
Karen Wood is also owner of the Sayers the Bakers and Poundbakery chains, which are supplied primarily from the David Wood Baking site on Sidney Street in Bolton. Struggles have also been apparent at these business in recent years, with around a quarter of their shops across the North West and North Wales closed last year – 19 further stores were shuttered over the summer.
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