1,400 jobs saved as bakery business bought out of administration
More than 1,400 jobs have been saved after a 100-year-old bakery business was bought out of administration.
A rescue deal has been put together for North West based Sayers The Bakers and Poundbakery.
Sarah O’Toole and Jason Bell of accountancy firm Grant Thornton were appointed joint administrators to Sayers The Bakers Limited yesterday.
Operating since 1912 across the North West, the £50m turnover business employed over 1,500 people across 167 Sayers, Poundbakery and Poundcafe stores and in its manufacturing and distribution centres in Bolton.
The business assets have been acquired by Karen Wood, who has formed a new company called Sayers and Poundbakery Limited, which will be run by the former management team led by Mark James and David Silvester.
The new company will take on the bakery and distribution centre in Bolton and the majority of the bakers shops throughout the Northern England, North Wales, Yorkshire and the Midlands including the transfer of approximately 1,400 employees.
The majority of shops throughout the UK will continue to operate as normal, however a small number will now close.
The administrators said efforts have been made to offer jobs to as many people as possible affected by these closures.
Wherever possible they will be offered the opportunity to work in other nearby locations unaffected by closure, the transaction will result in a number of redundancies.
Sarah O’Toole, advisory partner at Grant Thornton UK LLP in Manchester said: “We are delighted to have concluded the sale which preserves a significant number of jobs at this long established business.
“Unfortunately, a number of redundancies have been made across 11 closed stores at a particularly difficult time of year and we are doing everything we can to support these employees.”
The management team at Sayers and Poundbakery Ltd, added: “We’d like to wholeheartedly thank the loyal staff, suppliers and customers for their continued support, as we enter into the next stage of this historic brand’s future.”
The shops will continue to be branded as Sayers the Bakers and Poundbakery and are committed to continue to provide excellent quality and value for money to their loyal customers.
Both Sayers and Poundbakery shops specialise in food-to-go and include their range of savoury pastries still made to recipes that have being passed on through generations of Sayers bakers.
Tim Taylor, Natalie Bromley and Adam McCarron of Addleshaw Goddard advised the administrators Grant Thornton.
