Development Bank Backs Management Buy-Out of Popular Vegetarian Indian Café

Development Bank of Wales , 16th October 2023

Dnyaneshwar Gaikwad, 89, and his wife Pushpa, 78 have retired from their popular vegetarian Indian café and mini-market in Cardiff after 43 years following a management buy-out that has been part-funded with a £100,000 loan the Development Bank of Wales.

First established in 1980 on Lower Cathedral Road in Cardiff, Madhav serves up home-cooked vegetarian Indian street food. Chef Maruti Satpe and his wife Sadhana who is the store manager have taken over the business after working with the Gaikwad’s for the last ten years.

With an average rating of 4.5 on TripAdvisor and Google, Maruti and Sadhana will continue to serve tasty, healthy, and nutritious meals while growing the grocery store with a range of specialist products not found elsewhere in Cardiff and increasing capacity in the café area to create a restaurant.

Maruti and Sadhana Satpe said:

“Since coming from India to the UK in 1963, Dnyaneshwar and Pushpa Gaikwad have worked hard to build a life for their family. They settled in Cardiff in early 1970 and bought a little shop in 1980 that they named Madhav after Mr Gaikwad’s father. As they say, the rest is history and Madhav is now an established Inidan grocery store and café that local people know and love.

“We have had the priviliedge of working with the Gaikwad’s over the last ten years. It has been our dream to own the business one day so with the help of the Development Bank, we have now made that happen. We are very excited to continue doing what we love, serving our customers with traditional home-cooked Indian food and growing the grocery store.”

Assistant Investment Executive John Babalola worked with Deputy Fund Manager Jo Thomas to structure the finance for Madhav. John said:

“Having recently joined the Development Bank, this has been a great first deal to work on. It demonstrates our support for business owners of diverse ethnicity and shows how we can help business owners to retire while protecting the legacy of all that they have achieved.

“We wish the Satpe family every success as they take over the reigns and prepare for the next 43 years as the owners of Madhav.”

The loan for Madhav came from the £500 million Wales Flexible Investment Fund. Offering loans, mezzanine finance and equity investments from £25,000 to £10 million, the fund is financed entirely by Welsh Government. Terms of up to 15 years are available for Welsh businesses.

Mae Dnyaneshwar Gaikwad, 89, a’i wraig Pushpa, 78 wedi ymddeol o’u caffi Indiaidd llysieuol a’r farchnad fach boblogaidd yng Nghaerdydd ar ôl 43 mlynedd yn dilyn allbryniant rheolwyr sydd wedi’i ariannu’n rhannol gyda benthyciad o £100,000 gan Fanc Datblygu Cymru .

Wedi’i sefydlu gyntaf yn 1980 ar Lower Cathedral Road yng Nghaerdydd, mae Madhav yn gweini bwyd stryd Indiaidd llysieuol cartref. Mae'r cogydd Maruti Satpe a'i wraig Sadhana sy'n rheolwr y siop wedi cymryd drosodd y busnes ar ôl gweithio gyda'r Gaikwad's am y deng mlynedd diwethaf.

Gyda sgôr gyfartalog o 4.5 ar TripAdvisor a Google, bydd Maruti a Sadhana yn parhau i weini prydau blasus, iach a maethlon wrth dyfu’r siop groser gydag amrywiaeth o gynhyrchion arbenigol nad ydynt i’w cael yn unman arall yng Nghaerdydd a chynyddu gallu’r caffi i greu bwyty.

Maruti a Sadhana Satpe:

“Ers dod o India i’r DU ym 1963, mae Dnyaneshwar a Pushpa Gaikwad wedi gweithio’n galed i adeiladu bywyd i’w teulu. Ymgartrefodd y ddau yng Nghaerdydd yn gynnar yn 1970 a phrynu siop fach yn 1980 ac fe wnaethant ei henwi yn Madhav ar ôl tad Mr Gaikwad. Fel dywed yr hen ystrydeb ‘mae’r gweddill yn hanes’ ac mae Madhav bellach yn siop groser a chaffi Inidan sefydledig y mae pobl leol yn ei adnabod ac yn ei garu.

“Rydym wedi cael y fraint o weithio gyda’r Gaikwad’s dros y deng mlynedd diwethaf. Ein breuddwyd ni oedd bod yn berchen ar y busnes un diwrnod felly gyda chymorth y Banc Datblygu, rydym bellach wedi gwneud i hynny ddigwydd. Rydyn ni'n teimlo’n gyffrous iawn ein bod yn parhau i wneud yr hyn rydyn ni'n ei garu, gan weini bwyd Indiaidd traddodiadol wedi'i goginio gartref i'n cwsmeriaid a thyfu'r siop groser.”

Gweithiodd y Swyddog Buddsoddi Cynorthwyol John Babalola gyda Dirprwy Reolwr y Gronfa Jo Thomas i strwythuro cyllid ar gyfer Madhav. Dywedodd John:

“Ar ôl ymuno â’r Banc Datblygu yn ddiweddar, mae hwn wedi bod yn fargen gyntaf wych i weithio arno. Mae'n dangos ein cefnogaeth i berchnogion busnes o ethnigrwydd amrywiol ac yn dangos sut y gallwn helpu perchnogion busnes i ymddeol tra'n diogelu etifeddiaeth popeth y maent wedi'i gyflawni.

“Dymunwn bob llwyddiant i’r teulu Satpe wrth iddynt gymryd yr awenau drosodd a pharatoi ar gyfer y 43 mlynedd nesaf fel perchnogion Madhav.”

Daeth y benthyciad ar gyfer Madhav o Gronfa Buddsoddi Hyblyg Cymru gwerth £500 miliwn. Mae’r gronfa yn cynnig benthyciadau, cyllid mesanîn a buddsoddiadau ecwiti rhwng £25,000 a £10 miliwn, caiff y gronfa ei hariannu’n gyfan gwbl gan Lywodraeth Cymru. Mae cyfnodau o hyd at 15 mlynedd ar gael i fusnesau Cymreig.