FISHER & DONALDSON (ST. ANDREWS) LIMITED

🌳Matureactive

SC037437 · ltd · incorporated 1962-03-28

Investment thesis

Well-run mature business — low negotiation leverage; premium likely.

Why interesting: Textbook target; clean filings, stable trading.

Why risky: No pressure on seller; any deal likely at full price.

Opportunity decay

hardening · 12-months

Already tight — no obvious softening catalysts on the horizon.

· Thesis: well-run, low negotiation leverage

🔒Estimated value

—

Upgrade to see

Turnover

—

year to Mar 2025

Net worth

—

book net assets

Opportunity

78/100

Strong

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What this business does

Primary activity: Manufacture of bread; manufacture of fresh pastry goods and cakes

Sector: Manufacturing

ALSO REGISTERED FOR

10821SIC 10821

Investor take

Pursue

Active trading company. Family succession underway — not a classic acquisition target.

Opportunity 78/100 (strong), bankability 67/100. Same-surname younger director in place — likely family handover, not open to sale. Share purchase looks the cleaner deal structure. Biggest value-creation lever: Consolidate lender relationships. 4 distinct lenders creates friction — refinance into single-lender structure for cleaner diligence. Most likely exit: share sale to pe / searcher (65/100).

🏦

Refinance opportunity

8 live charges · 4 lenders · oldest 28.9y

35/100

too messy

Refinance path is blocked by complexity. Rethink structure or expect bespoke, expensive terms.

· Oldest live charge is 28.9 years old — likely at or near maturity.
· 4 lenders named — inter-creditor friction likely.
· Legal-friction score 25/100 — workable, but lender will want more DD.

Data confidence

Overall: high (81/100)

Strong data coverage across all sections. AI outputs should be trusted with minimal caveats.

Company profile

address, 2 SIC codes, incorporation date

100

Financials

2 years of iXBRL accounts extracted (YoY deltas available) + narrative notes parsed

Lenders & charges

8 charges (8/8 with lender, 8/8 with type)

Directors & officers

10 officers (5 active, 10 linked, 7 with DOB)

Ownership & PSC

1 active PSC(s) of 4 total, 4 with control declared

Director network

7 connected companies via shared directors

Filing history

124 filings on record

Gazette notices

No matching gazette notices (standard for active companies)

Opportunity Score

78/100Strong

PassWatchWorth a lookStrongExceptional

Solid opportunity signal. Worth a dedicated memo and management meeting.

Business quality

Active, clean filings, stable charge profile.

Acquirability

Strong succession / seller-readiness signals.

Risk profile

Some moderate concerns — review flags.

Signal strength

100

Good data coverage for analysis.

Key financials

2 years extracted from filed iXBRL accounts

Cash

—

Net Worth

—

Current Assets

—

Current Liabilities

—

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · FRS 102

Metric	2025-03-31	2024-03-31
Average employees	14600	12400

Amounts extracted automatically from iXBRL. Fields left blank were not reported or not mapped. Values in GBP unless stated.

🔒Filing-note intelligence

1 signal detected in this company's narrative notes — going-concern language, audit opinion, contingent liabilities, related-party transactions.

Available from the Pro tier upwards.

See pricing →

Recent activity

Last 30 days

filing

• 1 mortgage

Last 90 days

filing

• 1 mortgage

Last 180 days

filings

• 5 mortgage
• 1 accounts

Counts from Companies House filing history.

Corporate timeline (44 events)Click to expand

2026-03-24
📄
mortgage-satisfy-charge-full
mortgage · MR04
2026-03-24
🔓
Charge satisfied #5
2025-12-23
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2025-11-10
📄
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2025-11-07
📄
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2025-11-07
📄
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2025-11-07
🔒
Charge registered #8
Lender: Allica Bank Limited
2025-11-06
🔒
Charge registered #7
Lender: Allica Bank Limited
2025-11-03
📄
mortgage-satisfy-charge-full
mortgage · MR04
2025-11-03
🔓
Charge satisfied #4
2025-10-31
🔒
Charge registered #6
Lender: Allica Bank Limited
2024-12-23
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-11-01
📄
mortgage-satisfy-charge-full
mortgage · MR04
2024-11-01
🔓
Charge satisfied #1
2023-12-21
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2022-12-21
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2022-02-16
📄
appoint-person-director-company-with-name-date
officers · AP01
2022-02-16
📄
appoint-person-director-company-with-name-date
officers · AP01
2021-12-06
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2021-12-01
➕
MILNE, Chloe May Suzanne appointed
director
2021-12-01
➕
MILNE, Jade Elisabeth appointed
director
2021-02-27
📄
mortgage-satisfy-charge-full
mortgage · MR04
2021-02-27
🔓
Charge satisfied #3
2020-12-09
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2020-07-02
📄
cessation-of-a-person-with-significant-control
persons-with-significant-control · PSC07
2020-07-02
📄
cessation-of-a-person-with-significant-control
persons-with-significant-control · PSC07
2020-03-17
📄
notification-of-a-person-with-significant-control
persons-with-significant-control · PSC02
2020-03-12
📄
termination-director-company-with-name-termination-date
officers · TM01
2020-03-10
➖
MILNE, Alexander Roger resigned
director
2018-12-12
➕
MILNE, Ben appointed
secretary
2018-12-12
➕
MILNE, Ben appointed
director
2018-12-12
➖
MILNE, James Eric resigned
secretary
2018-12-12
➖
MILNE, James Grant resigned
director
2015-03-10
🔓
Charge satisfied #2
2010-06-01
🔒
Charge registered #5
Lender: Clydesdale Bank PLC
2010-05-12
🔒
Charge registered #4
Lender: Clydesdale Bank PLC
2008-01-18
🔒
Charge registered #3
Lender: Clydesdale Bank Public Limited Company
2005-03-22
🔒
Charge registered #2
Lender: Clydesdale Bank Public Limited Company
2000-10-11
➖
MILNE, Audrey Kathleen resigned
secretary
2000-10-11
➕
MILNE, James Eric appointed
secretary
2000-10-11
➖
MILNE, Audrey Kathleen resigned
director
1997-05-16
🔒
Charge registered #1
Lender: The Governor and Company of the Bank of Scotland
1992-07-06
➕
MILNE, James Eric appointed
director
1962-03-28
🏢
Company incorporated
As FISHER & DONALDSON (ST. ANDREWS) LIMITED

Owner dependency

73/100

High — earn-out structure required

Material founder dependency. Consider a 2-3 year earn-out and build in a handover plan before completion.

FACTORS

-4 active directors: Broader management team in place — suggests transferable governance.
+Long-tenure founder: Senior director has been in place 34 years — deep operational knowledge concentrated in one person.
+Founder age: Director aged approximately 69 — succession pressure is live.
+Family involvement: Multiple officers share a surname — likely family business, which concentrates governance.

Succession & seller-readiness

40/100

Moderate signal

Some succession indicators present. Worth watching; approach if sector/strategy fits.

SIGNALS

primaryFamily succession underway: Not a takeover target — MILNE, Chloe May Suzanne (same surname) appointed 2021-12-01. Pattern consistent with intra-family handover.
primaryFounder aged 63+: Senior director is approximately 69. Approaching typical UK retirement age — succession thinking likely.
primary20+ year tenure: Director in role 34 years. Very long tenure is a classic succession signal.
secondaryStable-but-static management: Company is 64 years old and no new directors in the last 3 years — succession not yet being planned internally.
supportingClean filings + long tenure: Disciplined long-tenure operator — classic lifestyle-business pattern that often sells quietly.

Red flags

2 med ·

3 new charges in last 12 months

medium

Heavy recent charge activity can indicate refinancing pressure, aggressive leverage, or multiple lender rotation.

Evidence: 2025-11-07: A registered charge; 2025-11-06: A registered charge; 2025-10-31: A registered charge

Charge satisfaction-then-recreation pattern

medium

Multiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.

Group structure

Fisher & Donaldson (Cupar) Limited is the ultimate parent — holding 75%+ shares. This company sits inside their group.

🏛️

Fisher & Donaldson (Cupar) Limited

Corporate parent · holds 75-100% shares · board control

ultimate parent

⬇

FISHER & DONALDSON (ST. ANDREWS) LIMITED

This company · SC037437

Parent relationships inferred from Persons with Significant Control filings. Full subsidiary tree requires reverse-lookup (coming).

Shareholders & ownership

1 active beneficial owner · dominant holder ≥75%

Name	Shares	Voting rights	Nature of control	Notified
Fisher & Donaldson (Cupar) Limited Corporate entity	75–100%	75–100%	board control75-100% shares · 75-100% voting · board control	10/03/2020

3 historic (ceased) PSCs

Mr James Eric Milneceased 10/03/2020· 25-50% shares · 25-50% voting · board control
Mr Alexander Roger Milneceased 10/03/2020· 25-50% shares · 25-50% voting · board control
James Grant Milne Family Trustceased 31/01/2019· 50-75% shares

From Companies House Persons with Significant Control filings. Share ranges are banded per the public PSC regime.

🔒Co-director network graph

Radial SVG graph showing every company connected via shared directors, colour-coded by status.

Available from the Pro tier upwards.

See pricing →

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Peers ranked by estimated value, then turnover, then opportunity score.See all →

🔒Tailored diligence questions

9 specific questions generated from this company's actual signals — liquidity, leverage, director age, charge count, red flags, age-of-company.

Available from the Pro tier upwards.

See pricing →

🔒Advanced scoring suite

Exit-route ranking, improvement thesis, quiet-distress detector, covenant-pressure proxy, extraction monitor, approaching triggers, ownership drift, local cluster, value trap, debt capacity, archetype classification — 48+ scoring modules.

Available from the Pro tier upwards.

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Company details

Statusactive

Typeltd

Incorporated1962-03-28

Jurisdictionscotland

Primary SIC10710 — Manufacture of bread; manufacture of fresh pastry goods and cakes

Registered office

Fisher And Donaldson

Ceres Road

Cupar

KY15 5JT

Scotland

Filing status

Accounts

Next due: 2026-12-31

Last made up to: 2025-03-31

Confirmation statement

Next due: 2026-07-12

Last: 2025-06-28