BusinessBusiness RecoveryGrant Thornton rescues Yokshire bakers

Grant Thornton rescues Yokshire bakers

Ainsleys sold on by administrators

Administrators have sold off most of stricken Yorkshire-based bakers
Ainsleys.

Grant Thornton’s restructuring and insolvency specialists brokered a deal to
sell the bakery business to Countrystyle Foods while 20 of its 29 leasehold
retail outlets have been sold between Cooplands of Scarborough and Cooplands of
Doncaster.

The deal will protect most of the 285 jobs at the business.

“We are really pleased to have found buyers for the majority of the various
businesses within the Ainsleys portfolio. Negotiations are still ongoing in
respect of the remaining nine stores and we hope to be able to announce a
positive resolution shortly,” said administrator Joe McLean.

“I would like to thank all Ainsleys staff for their help and support during
this difficult time. Their loyalty and commitment to Ainsleys, shown by their
high standard of work despite uncertainty and terrible weather conditions, has
been vital in securing a buyer.”

Anthony Barrett of Grant Thornton’s Leeds-based corporate finance team led
the transaction with legal advice from Sally Williamson of DLA Piper’s
restructuring team.

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