Tue, 26 Jun 2012 | MBO/MBI
A management buy-out (MBO) has saved the Tindale and Stanton bakery from administration.
Four former employees formed a new company, Star Cottage Bakery, and purchased the business last Friday (22 June), two weeks after the administrators were first called in.
Andy Wood, who has jointly handled the administration with fellow P&A Partnership employee John Russell, explained that he was pleased to have sold the business as a going concern.
He added: “The quick sale of Tindale and Stanton is an endorsement of the rescue process that an administration enables.
“We must thank employees who have supported the administrators throughout the process. Also, the bakery's key secured creditors, who gave us their backing to keep the business trading.”
The MBO has saved 85 jobs by maintaining the Newcastle-based bakery business.
A separate arrangement has seen two bakery shops in Harrogate, which were owned by Bakery Products, sold to new company Howards Bakery, saving 16 jobs in the process. In this case administrators had been unable to keep the business up as a going concern and the bakeries were closed on 15 June. It remains to be seen how Howards Bakery will operate the business in the future.
Represents an opportunity for an acquirer seeking a three surgery, predominantly private dentistry located in Pembrokeshire.
FREEHOLD
Predominately NHS dental surgery with scope for physical expansion, private growth and extended services.
FREEHOLD
Represents an opportunity for a dental practice acquirer seeking a seven surgery mixed dentistry operating since 1978.
FREEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.