24 entrepreneurs
The multi-million pound business with a flavour to savour
From an early entrepreneurial career that began by selling Spitting Image characters in his primary school playground, to becoming founder of a multi-million-pound specialist flavour supplier to the bakery industry, Mike Bagshaw is a man who knows the taste of success. His Newbury-based business, International Taste Solutions (ITS), was recently named West Berkshire Business of the Year and he is chairman of the British Society of Baking. Just over a year ago he co-founded
Takestock.com, an ecommerce platform for the food industry, and he also runs Tasteful Creations, a natural flavours and colourings business for the home baker and smaller bakery businesses. Alison Dewar found out more about his rise to the top
One of six children - three brothers and two sisters - Mike Bagshaw grew up with a strong work ethic from a young age. He was extremely fond of his half-Dutch, half-German grandparents who had moved to England after the war and set up a very successful painting and decorating business. Tough times hit the family when his father was made redundant and he left school at 18, working hard to fund his way through university. Success in the sciences and a love of food led him into the food industry before his “eureka” moment struck and he decided to start his own business.
craft brewer and I was passionate about food in general. My chemistry teacher Mr Thomas told me about biotechnology and food technology and I forewent the entrance exam at Cambridge University to study at Reading University for a Bachelor of Science in Biotechnology.
I
funded myself, working as a shift manager at McDonalds, selling cars and cleaning offices – I was always looking for ways to make money.
What was your first proper job?
At university, I had an industrial placement for a food consultancy company called LinTech in Reading.
I
discovered a real passion for food technology and from there I worked in a raft of food ingredient businesses.
Tell us about your first money- making venture
I was nine when Dad had a cleaning job at the factory where they made Spitting Image characters. Every night they used to throw away the rejects so three times a week I took them into school and sold them. In less than a fortnight I had made more money than Dad made working full-time in a week. I used the money to buy a bike and sold eggs door-to-door, then progressed to buying more bikes and doing them up to sell on, then buying and selling cars.
How did you develop an interest in food and flavours?
I took three science A levels at school and grew up thinking I wanted to be a doctor, but after a work placement at a hospital, I realised it wasn’t for me. I loved chemistry and biology, I had a hobby as a
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What prompted you to start your own business?
I was working as a sales director and could see there was a gap in the market. I had always wanted my own business and in 2009, when I was on holiday, I read Duncan Bannatyne’s book Anyone Can Do It. I was 31-years-old and knew I had to go for it. Within less than five months I had written a business plan, resigned from my job and formed ITS.
Was it successful straight away?
It didn’t come easy. I was working from home, I bought a £5,000 Vauxhall Vectra and was out on the road at 5am visiting three or four customers a day. I couldn’t afford to stay in hotels so I’d get home at night to see our two children and then work until 1am. I was surviving on four hours sleep a night five days a week. At weekends, I’d work from 3am to 8am
THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 15/JANUARY 16
on Saturday mornings. My wife was very understanding, but it was very tough.
As a start-up the bank refused me a loan, but the building society lent me £45,000 against our house. Everything else, like the gym memberships, had to go. I put as much money as I could on interest-free credit cards too.
We had burned through half the money and hadn’t had any sales in nine months but then suddenly, after a year and a half, we got there. Turnover went from £3k a month to £50k, then £60k and then £90k. I paid off the credit cards and within 18 months we were debt-free, which we still are today.
We were growing so fast that I decided to
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