Iconic North East ice cream business ‘Mark Toney & Co’ sold
Specialist business property adviser, Christie & Co is delighted to announce Mark Toney & Co Limited, a well known North East ice cream business has been sold, following the owners decision to retire.
Established in 1892 by Giovanni Marcantonio, Mark Toney & Co has been a North East staple for over a century. When the current owner, Antony Marcantonio – Giovanni’s great grandson, made the decision to sell the business in order to retire, this presented an incredible opportunity for an aspiring and ambitious new owner.
The business was up for sale in its entirety as a going concern. This included the production facility and headquarter offices at Benton Square Industrial Estate, along with the two longstanding ice cream parlours/coffee shops occupying prominent trading positions in Newcastle city centre. The Grainger St outlet has traded since 1962 and is the oldest coffee shop in the city and Percy Street was established in 1974.
Antony and his wife Anne comment, “We are thrilled to have finally sold our business and excited to begin our retirement. Mark Toney & Co has been our family business since 1892, so taking the decision to sell was not one we made lightly. To that end we are immensely pleased to have been able to retain the business within the family and we hope to see Mark Toney continue to thrive and grow. We’d like to say a huge thank you all of our customers and employees, some of whom have been with us a lifetime!”
The new co-owner and new Managing Director, Chris Raynes, is also a direct descendant and great great-grandson of Giovanni Marcantonio.
He comments, “I am incredibly proud to have acquired this thriving business with an amazing personal family history. To be in a position to be able to continue in the footsteps of my ancestors is an absolute privilege and honour. I know there are some huge shoes to fill. This was an opportunity I couldn’t let pass by. Having spent many of my younger years working both in the factory and on the ice cream vans, the business has enormous sentimental value for me and is certainly not simply an investment. Antony and Anne have been incredibly supportive of my ambition to buy the business and we’ll be working closely together to ensure a smooth transition. I’m very excited to get to know all of the highly valued employees and customers alike and would like to reassure everybody that there will not be any disruption to the business as the reins are handed over.”
David Cash, Director in Christie & Co’s Hospitality team handled the sale and adds, “We received a huge amount of interest in Mark Toney & Co when we went to market last year, mainly from existing hospitality and catering business owners and retailers. We also had interest from private individuals who saw value in such a long-established business and were looking to step into Antony and Anne’s shoes.
“Obviously, Mark Toney is a household name in and around Tyneside and the news that our clients had taken the decision to sell was widely covered by local press. This interest meant that we achieved the full asking price for the business – a fantastic result for Antony and Anne who have been an absolute pleasure to work with. I am really proud to have helped them achieve their goal in retiring.”
Jabad Jaigirdar of JLF Law Firm acted for the sellers along with Michael Moran of Robson Laidler Accountants & Business Advisors, with John Morgan of Hay & Kilner Law Firm and Anna McGill of Keystone Law acting for the purchasers alongside Stuart Datlen of Moore South UK Accountants and Business Advisors.
For further information on this press release, contact:
Bronte Hughes, Corporate Communications Executive
P: 020 7227 0794 or E: bronte.hughes@christie.com
Contact the agent:
David Cash, Director
P: +44 (0) 7736 621 023
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