Greenhalgh’s recoups more cash

FAMILY-owned bakery business Greenhalgh’s has received a further £1.8m of its own cash back from the administrators of collapsed Icelandic bank Kaupthing, Singer & Friedlander, according to newly-filed accounts.

The Bolton-based company, which has 59 shops selling bread, cakes, pies and sandwiches, had £6.5m on deposit with the bank until its collapse in October 2008.

Accounts for the year to January 31 show that the bank’s administrators repaid a further £1.5m to Greenhalgh’s during the year, and had forwarded a further £330,000 since its year end. To date, it has received almost £3.8m of its money back.

During the year, the company made an operating loss of £45,000 on sales which fell by 3% to £23.6m, but a credit to its account of money it had previously written off meant it achieved a pre-tax profit of £41,603.

It also finished the year with net assets of £16.6m, which an accompanying directors’ report described as “satisfactory” given current economic conditions.

Greenhalgh’s is owned by various members of the Smart family and has its headquarters at its Lostock bakery, which is run by operations director David Smart.

During the year, staff numbers rose by ten to 904.