Wed, 20 Jun 2012 | ADMINISTRATION
One of the North East's best-known bakers has entered administration, putting more than 100 jobs at risk.
Based at Burnopfield, pie-maker Tindale & Stanton has been taken over by administrators from Sheffield-based The P&A Partnership. So far 25 of 111 jobs have been cut while attempts are made to sell the business, but further redundancies could be on the cards if a buyer is not found.
The firm is owned by Yorkshire entrepreneur Arthur Harris, who bought the bakery out of a previous administration last year. His other business – Scarborough-based Bakery Products – has also gone into administration and has ceased to trade.
A former director of the bakery firms has claimed that the businesses required large increases in sales to survive and that these were taking longer than expected to achieve. As a result, the company sought short-term cash from a London-based funder but this deal fell through.
Efforts to source money elsewhere also failed and eventually the company's invoice discounter, Bibby Financial Services, pulled its support.
The former director, who requested not to be named, told NE Business: “You suffer cashflow problems, especially in this economic climate, but to have the rug pulled when we weren’t in default to them, it is very, very upsetting.
“It was potentially an absolutely storming business. We had lots of sales coming in and the forecast showed superb profitability for August/September.”
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