Thu, 27 Apr 2023 | ADMINISTRATION
Administrators are marketing a bakery operation and property in Shetland for sale following the collapse of a local company. Walls Bakery Limited, which traded as Waas Bakery, fell into administration this month as a result of ongoing cost pressures.
The business was founded in 2003 and operated from a facility in Walls, Shetland. The company produced a range of baked goods, including pastries, bread loaves and rolls, cakes and pancakes, which it supplied to cafes, shops and a local supermarket.
However, the company suffered as a result of challenging trading conditions during the COVID-19 pandemic and its related lockdowns. This was exacerbated by ongoing cost pressures and a lack of investment, which severely impacted the business’ cashflow.
Attempts were made to find a buyer for the company, but these have so far proven unsuccessful. The inability to sell the business, combined with its financial position, meant it was ultimately forced to enter administration.
Geoff Jacobs and Blair Nimmo of Interpath Advisory were appointed as joint administrators to Walls Bakery Ltd and Saltness Limited (a firm incorporated in 2016 that owned the property the bakery operated from) on April 19, with the bakery immediately ceasing trading.
As a buyer has not yet been found, the joint administrators have urged interested parties to come forward, with the opportunity to acquire the operation still available.
Joint administrator Geoff Jacobs said: “It is hugely disappointing that Walls Bakery, which has been an important part of the Walls community in Shetland, is no longer able to continue to trade. We would advise that any parties who have an interest in the bakery operation or the property contact the joint administrators in early course as there remains an opportunity to acquire this well-established local business.”
Blair Nimmo added: “Our in-house specialist employee team will seek to support staff with the provision of information needed at this time and to claim their statutory entitlements from the Redundancy Payments Office. We are also committed to ensuring that the optimum outcome for creditors is achieved.”
In accounts to the year ending May 31 2022, Walls Bakery Ltd’s fixed assets were valued at £23,149 and current assets at £148,172, with net assets standing at £124,038. In accounts for the year ending March 31 2022, meanwhile, Saltness Ltd reported £356,871 in fixed assets and £4,039 in current assets, with net assets totalling £84,421.
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