Food-to-go supplier Tasties of Chester has been rescued from administration in a deal that has saved 188 jobs.
Tasties produces sandwiches, toasties and salads under the Street Eats brand, and supplies customers including retailers, airlines and railway franchisees.
The business operated from a factory in Sandymouth, near Chester, which has been sold – alongside other assets – to newly formed company Street Eat Foods Limited.
British Baker understands that former Adelie Foods CEO Gavin Cox is a key player in the new business.
Tasties had suffered cash flow problems after opening a second site in Stockley Close, near Heathrow last year. The 40,000sq m facility was a £4m investment as part of Tasties’ plans to triple its manufacturing capacity.
In a move that saved 91 jobs at the Heathrow site, Tasties sold the facility to Greencore last month, before administrators were appointed.
At the time, Paul Kingsley-Bates, chief executive of Tasties owner PK Food Concepts, which also owns the Pasta King business, said: “Given the size and scale of Greencore, it is clearly better placed to make the investment needed to develop Stockley Close to its full potential.”
Street Eat Foods Limited will now operate the Chester business going forwards, and has taken on its 188 staff.
“The Tasties deal was a complex transaction, due to the separation of the two sites and the involvement of numerous stakeholders,” said Steve Muncaster, managing director at administrators Duff & Phelps.
“We are pleased that we have been able to assist the company and its stakeholders in facilitating a solution that has preserved the Chester business and, most importantly, secured the jobs of 279 employees across the two sites."
Kingsley-Bates said it was "very much" business as usual for the Pasta King business, but added: "Pasta King is VC owned and, as such, there is always the potential for a sale if the right deal can be struck."
Pasta King will continue to use the Street Eats brand on hot food to go.