Kredl's

Blair and Rosalyn Hyslop, owners of Mrs. Dunster's Inc., announced Thursday they reached an agreement to buy Kredl's Corner Market in early December. (Submitted by David Wolpin)

Kredl's Corner Market, a Hampton-based food market that struggled in recent years to pay its creditors, is changing hands.

Blair and Rosalyn Hyslop, the owners of Sussex bakery Mrs. Dunster's Inc., have bought the business.

Blair Hyslop, president of Mrs. Dunster's, said Thursday that Kredl's customers will find the same local products and ingredients on the store's shelves when the sale is finalized in December.

"It seems to be a model that works really well and that people like," Hyslop told Information Morning Saint John. "It's been there for 32 years. We're not going to mess with it too much.

"We see this as consistent with what we do today. We're in the yummy food business, Kredl's is in the yummy food business. I don't see this as a departure."

Helps both businesses

Kredl's

The sale comes almost a full year after Kredl's was on the edge of financial collapse, owing money to creditors. (Matthew Bingley/CBC)

News of the sale comes nearly a year after current owner Dave Wolpin almost filed for bankruptcy over $1.9 million in unpaid debts to Farm Credit Canada.

Hyslop said both businesses will benefit from welcoming Kredl's into the Dunster's family.

He said their bakery products are "perfectly aligned" with what Kredl's offers at its grocery market and commercial kitchen.

"We will be able to make the pizza crust using local flour, we'll be able to use the sauce of the pizza from locally grown tomatoes and turn it into sauces at Kredl's," Hyslop said.

"We'll be be able to make pie fillings, pastry fillings and and other things in their commercial kitchen using locally sourced berries and fruits and apples. … We can put [those products] into some of our stores, other stores locally, and we'll have a lot of fun with it."

Financial struggles

Wolpin

Kredl's owner David Wolpin says he is pleased another family bought the business. (Matthew Bingley/CBC)

In January, Wolpin managed to raise $750,000 in bridge financing with the help of what he called private financiers, and kept the business afloat just days before the matter was due back in court.

Wolpin said that "against all odds," the market turned a profit this year, and now the future is brighter than he could have imagined.

"The last year, it was tough," Wolpin said. "It took a toll on me … for me to not have that on my shoulders moving forward, I'm more than excited to have new energy.

"And now it has come into an opportunity that I think exponentially increases its potential."

Wolpin said he's pleased another family has bought the business, and he will stay on in a managerial role to ensure a smooth transition.

"I've never been the type of person who wants all of the cake," he said. "I've never been a person who needs to be the one to do this. I just want to see it done. I want those products to be available to the customers.

"When you combine Mrs. Dunster's distribution in this region to all three Maritime provinces and the state of Maine, and you combine that with Kredl's access to local ingredients — I don't think there's another business with as broad a reach." 

With files from Information Morning Saint John