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
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
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.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children