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10 Jun 2008
Troubled bakery chain Lyndale Group has undergone an MBO after administrators from BDO Stoy Hayward claimed that ‘massive increases’ in wheat and utility bills led it into crisis.
Lyndale Group had a turnover of £90m to the end of last year but is understood to have sustained massive losses - including £12m in 2006, reports the Manchester Evening News.
Forty poorly performing stores and Sayers' head office and factory in Liverpool were closed yesterday, following the management buy-out, which was led by former chairman, Sandy Birnie.
Administrator Dermot Power, from BDO Stoy Hayward, said: ‘We've sold the retail element of Sayers and Hampsons, and I'm hopeful that that the team - which will call their business Sayers the Bakers - will now be able to get back into profitability.’
Most of the Group’s estate was sold shortly after the administrators were called in to a management team saving 1,400 jobs, although 450 jobs have gone with the closure of the 40 stores, head office and Liverpool factory.
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Briefings
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