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.
In a prime location, this freehold business opportunity includes a detached, well-equipped bakery factory along with a retail outlet and cafe, all part of a family business with a century of trading history.
Established in key industries like power generation and rail, this company offers specialised electrical and engineering services across the UK and Ireland, boasting strong relationships with blue-chip clients and a reliable income stream.
This well-established company has a decade-long track record in a growing market and is fully relocatable or can be operated remotely, providing flexibility for the new owner.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.