Thu, 21 Dec 2023 | BUSINESS SALE
Forge Bakehouse, a Sheffield-based bakery and café chain, has been acquired out of administration by a company headed by its original owner. The company has been restructured following its acquisition by CPLG Ltd, with the deal securing 47 jobs.
The company, which was founded in 2012, has a café in Abbeydale and outlets in Kelham Island, Beauchief and Sheffield Station, serving homemade baked goods, breads and pastries.
Despite being described as an “extremely well known” brand in the Sheffield area, Forge Bakehouse was heavily impacted by several of the challenges facing businesses in the retail and food industries, including rising costs and low consumer spending amid the cost-of-living crisis.
As a result, the business sought the advice of Leonard Curtis’ restructuring team and took the decision to enter administration ahead of a sale to CPLG Ltd (led by original owner Craig Guest) and subsequent restructuring. The restructured company is now targeting growth in 2024.
Craig Guest commented: "It is absolutely correct that we experienced operational difficulties in the past few months caused in part by the cost-of-living crisis and rising energy costs but we are now confident that we have placed this difficult period behind us.”
"We took the decision to enter into administration and restructure only after looking at all the different routes available and listening to the advice of the Leonard Curtis team.”
Guest continued: "It was important to us and we're proud that we always paid our employees and our suppliers and maintained good relationships even during this extremely difficult period for us. Our programme of growth is now set firmly in place and we opened new premises in Lodge Moor in November. We are looking forward to further expansion in 2024 and to the creation of even more local jobs."
Joint administrator and Leonard Curtis Associate Director of Restructuring and Insolvency Stephen Beverley said: "This is a great result for the business and for Sheffield, where the Forge Bakehouse brand is extremely well known, and we are particularly pleased that jobs are safe following what could have been a worrying period for the whole workforce."
Read more about rising financial distress in sectors such as retail and the M&A opportunities being created as a result
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