Wed, 13 Jun 2012 | ADMINISTRATION
One of the biggest bakeries in the UK went into administration this week, with the difficult retail environment and rising costs blamed for its failure.
Durham City-based Peters Cathedral Bakers Ltd, which trades as Peters Bakery, called in administrators from KPMG to handle the situation.
Peters Bakery will continue to trade while efforts are made to find a buyer. However, the 400 jobs provided by the business may be at risk as KPMG warned that a number of redundancies are expected to be confirmed “in the coming days”.
Mark Firmin, Northern head of restructuring and joint administrator at the accountancy firm, commented: “The challenging retail environment on the high street is exacerbated by rising commodity and energy prices squeezing margins in this sector. These factors, along with reduced volumes with its wholesale customers, has led to the failure of this 46-year-old family business.”
He added that the bakery has a “state of the art” production facility, as well as a product range of around 100 and a loyal workforce. The firm will continue to trade the bakery while a review is taken of the business and a buyer is sought.
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