Peters Bakery, a UK-based baker with over 50 stores, has been sold to Coopland & Son, in a deal that will save more than 200 jobs.
The sale includes 22 of Peters Bakery's stores and the transfer of 129 staff. It also includes the company's 50,000ft2 factory and headquarters in Durham, where an additional 69 staff will transfer.
Coopland, a bakery chain based in Scarborough, UK, has also acquired Peters' retail van business, which sells baked goods to businesses, and ten more staff will transfer from this unit.
However, 34 bakery stores will be closed, which will result in 149 redundancies. In addition, four staff in the distribution operation and two at head office have also been made redundant.
Peters Bakery, a seller of freshly baked bread, savouries, cakes and confectioneries, was hit by challenging environment, rising commodity and energy prices, which led to its collapse in June 2012. It appointed Mark Firmin and Howard Smith of KPMG as joint administrators.
Mark Firmin said that negotiations were undertaken 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," Firmin added.
