Is GAIL'S LIMITED (UK operating company) / Bread Holdings Limited (group parent) owned by private equity?

Notes

• Entity/jurisdiction resolution (UK): GAIL’s website privacy policy identifies the website/operator as GAIL’S LIMITED (England), company number 06055393, establishing the UK legal entity to escalate in the official registry trail.
• Companies House PSC trail (operating company): GAIL'S LIMITED (06055393) lists Bread Limited as its Person with Significant Control with ownership of shares of 75% or more (notified 6 April 2016).
• Companies House PSC trail (intermediate parent): Bread Limited (06186850) lists Bread Acquisitions Limited as its PSC with ownership of shares of 75% or more (notified 6 April 2016).
• Group parent/control change (2021): Bread Holdings Limited (07570780) lists Grain Bidco Limited (13572428) as its active PSC with 75%+ shares/votes and director-appointment rights (notified 5 October 2021), consistent with an acquisition holding structure.
• Topco disclosure limitation: Grain Topco Limited (13572366) files an active PSC statement that it has no registrable PSC/RLE (notified 18 August 2021), so Companies House does not disclose ultimate beneficial owners at the top of the chain.
• Corroboration of acquisition structure: GAIL’s published group tax strategy lists the Grain Topco/Midco/Bidco entities alongside Bread Holdings Limited and operating subsidiaries, corroborating the existence of the Grain acquisition stack above Bread entities.
• Deal-sponsor corroboration: Bain Capital’s September 14, 2021 announcement describes an investment in Bread Holdings (parent of GAIL’s) in partnership with EBITDA Investments, supporting classification as private-equity-owned despite the topco PSC disclosure limitation.
• UK Companies House shows Bread Holdings Limited’s person-with-significant-control as Grain Bidco Limited with 75%+ of shares and voting rights (notified 5 Oct 2021), indicating control via a holding company rather than a directly named sponsor.
• The Bain Capital announcement (14 Sep 2021) describes an investment in Bread Holdings (parent of GAIL’s) by Bain Capital in partnership with EBITDA Investments, consistent with a PE-led transaction.
• GAIL’s own 'About Us' page states that no single person or business has a majority stake and lists investors including Bain Capital, McWin Capital Partners, and Luke Johnson—this conflicts with the common framing of a single PE majority owner and makes current PE 'control' ambiguous.
• Founding information is supported by GAIL’s own corporate materials describing the business beginning in the early 1990s and naming Gail Mejia.