Bakery indredients supplier BFP Wholesale has gone into administration and announced 74 redundancies at its Highbridge and Sevenoaks sites.
Rob Croxen and Will Wright from KPMG have been appointed joint administrators to BFP Wholesale, based in Sevenoaks, Kent. This follows the withdrawal of its credit insurance, which "exacerbated" the effect of a prolonged period of declining revenues.
KPMG said: “The company [BFP], which employs a total of 165 staff based across four sites in Sevenoaks, Highbridge, Leeds and Livingstone, had undergone a sustained period of declining revenues, which was exacerbated by the withdrawal of its credit insurance.
“The company subsequently ceased trading before the appointment of the joint administrators.”
Upon their appointment, the administrators made a total of 74 redundancies at Highbridge and Sevenoaks. The administrators are looking at the options for all the sites, which includes seeking a buyer for the business and its assets.