Mon, 13 Apr 2015 | ADMINISTRATION
Bakeaway Limited has been sold out of administration to House of Vantage Limited, a newly incorporated holding company.
The firm will continue to trade under the Bakeaway name and all 60 staff at the Corby baking products manufacturer have been secured.
Nathan Jones, director and joint administrator with FRP Advisory, who sold the firm, commented: “We are delighted to have secured the future of this well-known Corby-based pastry-making business, securing all 60 jobs in the process while ensuring vital continuity of management under a new company structure.”
He added that the company had undergone rapid growth since its formation four years ago but unfortunately, the pressure on cashflow over the Christmas period proved to be too much for the old corporate structure.
An immediate sale was put through as soon as the company entered administration. This meant that the firm was able to change hands as a going concern, easing the transition for all involved and ensuring the best chance of a new start for the company.
Mr Jones added: “We wish everyone involved with the on-going Bakeaway business every success in the future.”
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