Thu, 14 Apr 2011 | ADMINISTRATION
Administrators dealing with Scarborough's Woodhead bakery, have said they are very confident that they will be able to secure a quick sale of the business.
Christopher White, from turnaround and recovery specialists, the P&A Partnership, said there had been a significant amount of interest in the 75-year-old bakery business, which counts supermarket giant Morrisons among its customers.
The company entered administration on March 29. It has a turnover of £9 million, with a factory in Scarborough and thirty bakery shops. Inflation, the soaring price of wheat and difficult economic conditions on the high street were blamed for the administration.
Mr White said they are looking at offers both to buy the whole business and just to buy certain component parts such as its high-volume savoury production facilities.
He highlighted that they had kept operating the company as a going concern during the administration, preserving 280 of its 310 jobs, and maintaining its prospects for a future sale. "We believe that by continuing to trade, we have the best chance of finding a buyer and we have retained as many employees as we possibly can," Mr White explained.
The British £4.4 billion bakery industry has been hard hit by both domestic and international economic issues such as Russia's wheat export ban and rising UK exports of the commodity.
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