Thu, 04 Mar 2010 | ADMINISTRATION
Mathiesons bakery firm, based in Falkirk in Scotland and employing approximately 350 people, has entered administration.
The company was established in 1872 and run by the same family until eight months ago when a private equity company purchased a controlling stake. Its headquarters are in Larbert, near Falkirk. Mathiesons has 26 stores and six cafes in the central Scotland area.
Deloittes has been appointed as joint administrator and is currently trying to find a buyer. A spokeswoman for Deloittes has said that no-one at the company is being made redundant as of yet.
According to the administator, there were a series of redundancies at Mathiesons last year to save costs but these had not been sufficient to return the company to profitability. Deloittes confirmed that the firm has been "unable to support an over-burdened cost base" despite previous annual income of £9 million.
Mathiesons had been put for up sale earlier this year but the sale was not completed. One of the joint administrators, John Reid, stated: "Mathiesons is recognised as a quality bakery with a skilled workforce. The business is continuing to trade in administration whilst it is marketed for sale."
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