Piper invests in REEVE THE BAKER

Piper Private Equity took a stake in Reeve the Baker, the Wiltshire bakery chain, in a transaction announced in October 2026, backing the business alongside Gary Reeve and the management team. The company generated revenue of £12m and an EBITDA of £0–5M, an EBITDA margin of around [members only], and employed more than 200 people across 13 shops in Wiltshire and Hampshire, with a fourteenth due to open in Dorchester in November. Gary Reeve, a third-generation member of the founding family, reinvested. Mathieu Le Bras joined as managing director, having held the same role at Gail’s The Bread Factory, and Nick Collins, chief executive of Loungers, a business Piper had previously backed, became chairman. Piper based its case on extending the chain across the market towns of southern England, identifying room for close to 100 sites within a ninety-minute drive of the Wilton bakery, which supplies every shop each morning. The firm had previously backed food and drink brands in the south-west with their own manufacturing, including Forthglade and Bottlegreen.