KPMG administrators make 155 redundancies at Bakery
More than half of Peters Bakery’s portfolio fold as KPMG administrators find buyer for 22 stores and close 34
KPMG ADMINISTRATORS have managed to secure a sale of collapsed North East-based bakery Peters Bakery to its former rival.
Mark Firmin (pictured) and Howard Smith, from KPMG, were appointed joint-administrators of Peters Bakery on 12 June.
The duo managed to sell the company to Coopland & Son, safeguarding 208 jobs at the bakery which included the transfer of 22 stores, a factory and retail van business.
However, 34 stores will cease to trade immediately resulting in 155 redundancies, including head office and distribution staff.
Firmin said: “We undertook negotiations with several interested parties and this deal represents the best outcome for both the creditors and the employees of the company.
“It means that as much of the business as possible will continue to trade under the new ownership of Cooplands, safeguarding more than 200 jobs.”
At the time of their appointment, the administrators said the company ran into financial difficulties due to rising costs of raw materials, energy prices and an increasingly tough retail environment.