Peters Bakery bought out of administration
Peters Bakery, the north east based bakery shop chain, has been bought out of administration in a deal which safeguards 208 jobs.
Administrators KPMG said that they have sold the business to Cooplands, a Scarborough based family business which operates over 100 bakery shops and cafes across the Yorkshire, Lincolnshire and Teesside areas.
Cooplands has acquired 22 of the Peters Bakery stores as well as the 50,000 sq ft factory and headquarters.
KPMG have closed the remaining 34 stores which has resulted in 149 redundancies.
Mark Firmin, joint administrator and regional head of restructuring at KPMG, explained: "We undertook negotiations with several interested parties and this deal represents the best outcome for both the creditors and the employees of the company. It means that as much of the business as possible will continue to trade under the new ownership of Cooplands, safeguarding more than 200 jobs."
Peters Bakery called in administrators in June blaming a tough retail environment and rising commodity prices for its failure.
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