Bakery and catering company Peyton and Byrne has gone into administration following the loss of contracts at London’s Kew Gardens and the British Library.
Peyton and Byrne operates a number of stand-alone bakeries, as well as restaurants. The bakery business has been sold as a separate entity to Peyton and Byrne Bakeries Limited, a new business owned by the Peyton family.
There are no redundancies expected of the company’s 440 existing employees, and most of the assets and the majority of the business relating to Peyton and Byrne’s five existing public catering contracts have been sold as part of a pre-packaged sale to foodservice company Sodexo.
These contracts will be operated by Sodexo Sports & Leisure, Sodexo’s catering and hospitality partner for sporting venues, major events and visitor attractions in the UK and Ireland.
Chris Bray, chief executive of Sports & Leisure, Sodexo UK & Ireland, said: “We are bringing together our resources, talent and expertise to develop an attractive customer experience that will deliver greater value to all our clients.”
Earlier this month it was reported the company had appointed Deloitte to explore “strategic options for the future”.
Peyton and Byrne co-founder and owner Oliver Peyton said: “I am excited about this opportunity which is good news for the future of the Peyton and Byrne brand and Sodexo.”
In December 2012 the Business Growth Fund (BGF) invested £6.3m into the business, which was aimed at expanding the bakery chain. But two years later the company ended its catering contracts after just a year at the Brighton Dome and Brighton’s Royal Pavilion.
In 2014 Peyton invested £1m in a new central bakery, and then in 2015, the contract that Peyton and Byrne held with London’s National Gallery was extended by eight years in a deal worth £36m.