Pinkmans Bakery in Bristol has been rescued out of administration in a pre-pack deal.
The business, which scratch-bakes products including sourdough loaves and pizza, opened its doors on the city’s Park Street around two years ago.
Administrators Begbies Traynor, who were appointed last week, said “significant amounts” of share capital had gone into the business as a start-up, but added it continued to be under-funded.
“The business faced a number of difficulties, as is not untypical for a company of this sort,” said joint administrator Simon Haskew, adding Pinkmans had not been generating the revenue needed to cover costs.
The business has been sold to Natural Baking Ltd, which is owned and controlled by a minority shareholder of Pinkmans Bakery Limited.
“We were quickly able to advise that administration and a subsequent sale was the best course of action, and we are very pleased to have been able to secure the jobs of the employees,” said Haskew.
“We’ve been able to get the business to a point where it can face the future with a much greater degree of confidence.”
Pinkmans was co-founded in 2015 by Steven Whibley, who previously ran Le Pain Quotidien in London.
Speaking to British Baker at the time, Whibley said: “We decided to open on Park Street because, although Bristol has a number of great bakeries, there was nobody baking on what we see as Bristol’s most iconic street.”