Irene De Muur

17th December 2024

Business transfer: When the opportunity arose for BioScott to buy out its main competitor Bakhaus

When Anne Le Moigne took the plunge into entrepreneurship, she already had over 20 years' experience in a completely different field. She went from aeronautics and human resources to bakery and pastry-making, because she was convinced that French know-how could be highly appreciated in Luxembourg, and she wasn't wrong! During our interview, we wanted to understand her career choice, as well as the steps she took to take over BioScott, with the help of our expert in ‘Transfer of Business’ Franck Alter. Enjoy your reading!

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Bakhaus, all organic

The bakery Bakhaus was founded in 1983. It is well-known for its traditionally produced and organic products, which include rolls, croissants and pastries, as well as a few niche products, such as vegan pastries. It has a network of partners via which it sells its products, which includes Naturata, La Provençale, Alavita, Colabor, Niessen and Glow.

In our studio, we spoke to Anne Le Moigne, CEO of BioScott in Luxembourg. Interview by Irène De Muur

Who is Anne Le Moigne?

Anne Le Moigne comes from a family of entrepreneurs. Her parents, uncles and aunts are all entrepreneurs. Her passions are pastry-making and baking, two very French professions that have been successfully exported to countries all over the world, so she thought that there might be an opportunity to set up a French bakery in Luxembourg. That's how she came to create “Tartefine” in Bonnevoie in 2016. A few years later, she bought a second company, BioScott, which in turn acquired Bakhaus. She also bought “Cayotte”, a patisserie in Esch. Today, Anne runs three separate businesses.

However, she did not become an entrepreneur at the start of her career. That didn't happen until she was halfway through it. She began her professional life working in the airline industry as a flight attendant and climbed up through the ranks to become Head of cabin crew. Only after 20 years in the airline industry did this Frenchwoman, like her family, finally feel the urge to start her own business... to create something for herself.

How did you make the transition from the aeronautics and the human resources sector to the bakery/pastry-making sector?

I started my career as a flight attendant in the aviation industry in France. Then over the years I transitioned over to human resources, still in aviation. One of the high-level roles that I took on involved training teams and applying European civil aviation regulations to the 400 flight attendants under my responsibility.

Then one day, at a turning point in my career, I decided to leave the airline industry. Just like that, I handed in my resignation with no clear idea of what the future held for me. So I negotiated the terms of my departure with my management, and I seized the opportunity to take a CAP (vocational training course) in pastry-making, a field I'd been passionate about for a long time. I also have a diploma in quality auditing for the civil aviation sector. So I had two options for the next phase of my career: pastry-making or auditing.

The opportunity to come to Luxembourg was incredible.
Anne Le Moigne

It was completely by chance that I changed my destination, when a friend suggested to come to Luxembourg to work for a business aviation company and become an instructor. Being very familiar with this role, I did it for a short period of time. Then I went back to human resources before my career eventually took a very different direction. After 20 years in the industry, I was ready to leave aviation for good, and I had one idea in mind: to set up my own business.

So I got in touch with the Chamber of Commerce to get some guidance for my entrepreneurial ambitions and I got onto the “Fit4entrepreneurship” programme. That helped me to understand how Luxembourg worked, how to set up a business and so on and so forth.

Following that very positive experience, I set up “Tartefine” – my first bakery – in Bonnevoie in 2016. Then, in 2018, an opportunity arose to acquire “Scott”, the organic bakery in Gasperich and expand it.

The opportunity to take over a company. Why did you decide to take over “Oiko-Bakhaus” under the BioScott name?

I soon realised that my production site had become too small to meet the high demand I was experiencing, so I started looking for new premises to increase my production capacity. But finding a 700 to 1000 m² site is very expensive and difficult. So I took every opportunity to put the word out across my network that I needed a space, in the hope of finding out as quickly as possible about anything that might be suitable. Then one day my phone rang, and it was my main competitor on the line asking if I wanted to take over his company, “Bakhaus”.

It hadn't occurred to me to take over a company – I was just looking for larger premises. Nor did I know that my main competitor was about to retire. However, taking over a company like “Bakhaus” was less risky in my eyes: I would be taking over a well-equipped business that already had a turnover and clients. “Bakhaus” had a recently renovated workshop of over 700 m² in Munsbach, and it already had renowned clients, like Naturata, La Provençale and Alavita.

So we began discussions and I bought the company on 1 January 2024, just two months after our introduction.

Luxembourg is a very small country and by word of mouth, people learned that I was looking for premises – even my primary competitor.
Anne Le Moigne

Your personal touch. What changes did you make when you took it over?

When I took over the management of the company, I was keen to have certain conditions, particularly regarding the commercial side. Given that Bakhaus had special relationships with certain suppliers, when I took over the company, I wanted them to support me in my approach so that together we could develop new products and enjoy a fruitful collaboration, as well as helping the company to grow.

So we became the preferred supplier for several of them, which enabled me to develop the business and help it grow. I wanted to work with local players who had a “Made in Luxembourg” ethos, so I approached new farmers who could provide me with raw materials from Luxembourg, such as eggs and flour. I was also able to introduce new products, such as Boxmännchen made from 100% Luxembourg spelt.

The development strategy I want for “BioScott” involves fostering commercial relations with Luxembourg’s economic players and developing new products and exports.
Anne Le Moigne

In addition, I have recruited two new members of staff to help me with the all-important administration and communication. That freed up my time to develop a clear vision for the company. I realised that we needed to invest in our infrastructure by creating an additional kitchen and below-zero storage space, so we could develop a range of frozen products for our local partners and future European clients.

We really listen to our clients – I regularly ask my vendors how our clients feel and what they want. At the same time, I keep an eye on what’s available on the market, and then we decide whether to create a new range or not. I'm in constant contact with our partners, so I can get feedback from their shops about what clients ask for. For example, we test vegan and gluten-free products, and if we like them, we produce them on a larger scale.

The acquisition of the company. What steps did you have to take to ensure that the business transfer went as smoothly as possible?

The very first step was to discuss the terms of the takeover with the seller. We then had to decide which banking partner to work with and, as Bakhaus was working with Spuerkeess, the manager arranged for me to meet his banker and we sorted it all out together.

My biggest worry wasn't the banking aspect: it was combining both teams. So, once the commercial side had been clarified and the banking partner chosen, it was the human side of things that really kept me busy.

When we took over the management of Bakhaus and its employees, our BioScott team moved in with the Bakhaus team at their premises in Munsbach, without their knowing each other. They had never met before, and although our products were very similar, our recipes were different. So I interviewed all the staff so that we could list the best recipes and take stock of everyone's know-how in order to keep the best out of it.

I have to say that the takeover was very easy and straightforward, administratively speaking.
Anne Le Moigne

It was a big step to get the staff together, to recreate the recipes specific to this new company and get it up and running. It took almost 6 months for everyone to adapt, which amounted to a very intense human relations exercise that happened to go very well.

We've doubled our staff and our sales too.
Anne Le Moigne

The banking relationship. What were the key criteria in your choice of bank?

I banked with Spuerkeess for my personal banking needs, but I had no idea what Spuerkeess was like as a business bank. However, since the vendor had been working with Spuerkeess for so many years, it all happened completely naturally.

I was pleasantly surprised by the welcome I received and the dynamic approach shown by Spuerkeess in effecting this transaction, which was completed very quickly. I was delighted because, in just three months, everything has been signed.

Running a business is all about ups and downs, and every manager should consider his or her banker as their partner, because it is the bank that supports the development of the business and helps with new investments.
Anne Le Moigne

Business transfer and takeover - How to best prepare yourself

Passing on your business to a third party or within your family is a crucial stage in the life of your company, just as taking over a business marks the start of a new life for a business owner. At Spuerkeess, these two important steps are taken with the advice and support of dedicated experts. Whether you are the assigner or assignee, our experts Johny Basher and Franck Alter, both business transfer advisers at Spuerkeess, reveal the keys to a successful transfer in this article. Happy reading!

Read article

Anne's advice to future business owners

From a bank's point of view, it's always easier to take over a business rather than setting one up because you already have a balance sheet, you know the business and if you don't make too many mistakes, it should work. It's a safer model than setting up your own business from scratch. However, for this to work, the buyer must not be too greedy – that way you can buy the company and you get to repay the loan. The business must therefore be viable and generate profits.

The vendor, for their part, must remain consistent in relation to the contract and the fact that the buyer is going to take on debt. Interest rates are currently still high, and that will have an impact on the company and add to its costs.

For the transfer to be a success, there needs to be a genuine and effective partnership between the vendor and the buyer.
Anne Le Moigne

Do you have a takeover or transfer project in mind? Tell us all about it! For more information, please contact our dedicated team today to discuss your project and find out how we can help you achieve your aims.

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