Tue, 31 Jul 2012 | BUSINESS SALE
Coopland & Son, a well-established family bakery business based in Scarborough, has acquired Peters Bakery out of administration.
The sale to Cooplands will save more than 200 jobs, with 22 Peters Bakery stores and the firm's factory, headquarters site and retail van business also being transferred. Unfortunately, 34 stores will immediately cease trading, resulting in 149 redundancies.
Administrators have said that the result is the best possible outcome that could be expected for both employees and creditors.
Mark Firmin, joint administrator and regional head of restructuring at KPMG, commented: "We undertook negotiations with several interested parties and this deal represents the best outcome for both the creditors and the employees of the company.
"It means that as much of the business as possible will continue to trade under the new ownership of Cooplands, safeguarding more than 200 jobs."
A total of 129 store-based staff will remain, while 69 employees will be transferred between the companies to continue work at Peters' 50,000 sq. ft. factory and headquarters site in Durham. A further ten workers will continue to run the retail van business, which sells baked goods to businesses and industrial estates.
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