Barings, the North Carolina-based alternative asset manager, has completed a buyout of David Wood Baking UK Limited, the Leeds-headquartered maker of bread, savoury products and ready meals, Food Manufacture reported on 16 October 2026. The deal was done in partnership with managing director Karen Wood, who will continue to lead the business.

Dealroom, which also reported the deal, said its value was undisclosed. Neither report named a seller or described the structure of the transaction, or said how much equity, if any, management holds after the buyout.

From receivership to new owner

The buyout follows the appointment of Anthony Johnson-Magee and Kristina Kicks of Interpath as joint receivers over the company’s shares on 2 April 2026, according to both reports. The receivers are expected to be discharged shortly after completion.

Barings is not new to the business. In April 2024, Interpath Advisory said it had advised David Wood Baking on term debt and revolving asset finance facilities provided by Barings and Leumi ABL. That financing followed a fire in September 2023 that caused the total loss of the company’s Dudley bakery, one of its eight UK production sites at the time, and was intended to stabilise the business and rescale production, Interpath said. According to Dealroom, Barings and Leumi UK will continue as lenders after the buyout.

Interpath’s 2024 statement said the company was founded in 2008 by David and Karen Wood. Karen Wood has led the business since autumn 2025 and will work alongside chief financial officer Bruce Korican and operations director Aaron Corbett, Food Manufacture reported. According to both reports, Karen Wood said that, like the rest of the industry, the business had needed to navigate inflation and a fragile trading environment, and Abhi Bothra, senior director of capital solutions at Barings, described it as a well-established operator in the UK food manufacturing sector.

The business and its record

David Wood Baking employs more than 1,500 people across seven UK sites, according to both reports. Food Manufacture named Tesco, Asda, Sainsbury’s and the Co-op among its customers and said the company operates in 16 international markets and keeps a London office. It also reported that the company plans a brand refresh as part of its next phase under the new ownership. The company’s website lists ranges including speciality bread, savoury pastry, food to go, meals and sides, and sweet bakery.

The company has also faced health and safety scrutiny. Food Manufacture reported in September that David Wood Baking Ltd was fined £333,333 plus £7,644 in costs at Medway Magistrates’ Court on 1 September 2026, after pleading guilty to breaching Regulation 11(1) of the Provision and Use of Work Equipment Regulations 1998. The case followed an incident in December 2023 at its Sheerness factory in Kent, in which an employee’s arm was pulled into an unguarded conveyor roller during cleaning. According to that report, a company spokesperson said it had since made significant investments and improvements in health and safety management, engineering standards, governance, training and leadership.

F&B Today’s reading

  • Analysis: An existing lender taking ownership out of receivership keeps a large supplier trading as one business with its management in place, rather than breaking up sites. For mid-sized UK food manufacturers under inflation pressure, it suggests that existing creditors can become the buyer of last resort.
  • Analysis: Retail and foodservice buyers that source from David Wood Baking may find supplier risk reviews simpler once the receivers are discharged, but are likely to want to see the post-deal capital position and continued progress on health and safety.
  • Analysis: Ingredient, packaging and logistics suppliers with credit exposure should confirm payment terms with the business under its new ownership rather than assume earlier arrangements carry over unchanged.