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.
A leading engineering firm focusing on electric power steering solutions and bespoke wiring harnesses serving various industries. It operates as two entities both reputable for maintaining high standards and offering bespoke solutions for clients. In...
Market-leading fruit and vegetable supplier distributing fresh produce and complementary goods both wholesale and D2C. The companys uncompromising drive for customer satisfaction has built strong relationships with across an enviable client base incl...
Turnkey construction services provider completing a range of projects with expertise across maintenance general refurbishment new build and conservation including work on listed buildings. The company provides full-service construction works utilisin...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.