Tue, 26 Jun 2012 | MBO/MBI
A management buy-out (MBO) has saved the Tindale and Stanton bakery from administration.
Four former employees formed a new company, Star Cottage Bakery, and purchased the business last Friday (22 June), two weeks after the administrators were first called in.
Andy Wood, who has jointly handled the administration with fellow P&A Partnership employee John Russell, explained that he was pleased to have sold the business as a going concern.
He added: “The quick sale of Tindale and Stanton is an endorsement of the rescue process that an administration enables.
“We must thank employees who have supported the administrators throughout the process. Also, the bakery's key secured creditors, who gave us their backing to keep the business trading.”
The MBO has saved 85 jobs by maintaining the Newcastle-based bakery business.
A separate arrangement has seen two bakery shops in Harrogate, which were owned by Bakery Products, sold to new company Howards Bakery, saving 16 jobs in the process. In this case administrators had been unable to keep the business up as a going concern and the bakeries were closed on 15 June. It remains to be seen how Howards Bakery will operate the business in the future.
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