Wed, 30 May 2012 | ADMINISTRATION
Long-established troubled bakery Mathiesons Foods can keep its ovens hot as it has been saved in a pre-pack administration deal with Prestige Bakeries' owner Pemberton Capital.
KPMG was called in last Friday to take care of matters for the business, which had been suffering cashflow problems.
Pemberton Capital has purchased eight of the stores, with the closure of the remaining 20 and a loss of 84 staff. Over 240 jobs have been saved, however, and the new owner said it had restructured the firm to protect the bakery business’ future.
Pemberton Capital has provided new funding and management to support Mathiesons Foods’ future growth. The 140-year-old Scottish bakery is to focus on expanding its supermarket offerings, supplying a wide range of breads, cakes and chilled foods to large British high street food retailers.
Blair Nimmo of KPMG told the BBC, “The early sale of the business is a positive outcome from what has been a difficult period for the company and its staff.
“The business was in a severe degree of distress but the deal represents the best outcome for the company’s creditors.”
The administrators are also handling Mathiesons Foods’ five subsidiaries, which followed their parent into administration. These are – Firbank Holdings, Firbank Bakery, East End Bakery, James Allan (Bakers) Ltd and J. Allan (Bakers) Ltd, all of which are dormant or have leasehold properties only.
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