Tue, 19 Sep 2023 | BUSINESS SALE
Huddersfield-based bakery Hadfields the Bakery Ltd has been acquired out of administration by its owners in a pre-pack deal. The company confirmed last week that it had filed a notice to appoint administrators following a period of difficult trading conditions.
The firm, which employs 74 staff across its bakery and 13 Huddersfield shops, had been hit by falling sales and rising costs. Sales were reported to have fallen around 20 per cent over the last two years, with trading conditions impacted by COVID-19 and its associated lockdowns, the cost of living crisis and rising costs for energy and raw materials.
The company had also encountered financial issues arising from its move from its former Milnsbridge base to a new, modern facility in Bradley, Huddersfield. This move represented a £600,000 investment for the company last year.
As a result, the company was placed into administration and subsequently acquired by owners Daniel and Becki Birmingham, who initially acquired the business in 2015, in a pre-pack acquisition, which they said involved an investment of their own money.
The deal sees all the company’s jobs saved, with all locations to remain open. Daniel Birmingham said that the firm would now focus on introducing new products that it has been developing and plans to bring some costs down in an effort to attract customers back.
In Hadfields’ most recent accounts at Companies House, for the year ending March 31 2022, its fixed assets were valued at £552,559 (compared to £725,981 a year earlier), while current assets stood at £274,282 (compared to £448,449 a year ago). At the time, the firm owed creditors around £608,000, leaving it with total equity of £163,706.
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