Tue, 24 Dec 2013 | BUSINESS SALE
A bakery in Bradford has been sold out of administration, saving over 300 jobs.
Sparks Confectioners Ltd appointed Grant Thornton to handle its administration after struggling to continue trading due to a lack of working capital. The administrators have now organised a pre-pack sale of the distressed business to Chilled Bakery Products, allowing the company to continue operations.
Joe McLean and Chris Petts have been overseeing the administration. McLean told Insider Media: "The reason for the pre-packaged aspect of the administration was simply – and crucially – to protect the debtor balances that were due to the company.
"The business makes cakes and pastries for key high street retailers, but it had been experiencing difficulty for several months. It became clear that the customers may not be able to receive their Christmas-related produce on time."
He added that the distressed business sale has "ensured supply was maintained and meant that those high street retailers had no reason not to pay the money they owed".
Pre-pack deals often spark some concern over The directors of Chilled Bakery Products, based in Leeds, had no links with Sparks Confectioners before the deal was put through.
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