Oliver Adams, the Northamptonshire bakery chain which recently closed 11 sites, has entered into a Company Voluntary Agreement (CVA) – in a bid to save the company.
The bakery firm, established in 1969, had been forced to restructure in recent weeks after facing trading difficulties, leading to the store closures resulting in at least 59 redundancies.
The insolvency practitioner, BRI Business Recovery and Insolvency, has been drafted in to help the bakery pay a list of 164 outstanding creditors.
A crunch meeting was held with those creditors this week - of which 99% agreed to a CVA, meaning Oliver Adams will avoid going into administration or liquidation.
This also means that as well as being able to continue trading; around 200 staff at the company will keep their jobs.
Peter Windatt, joint supervisor at BRI, told British Baker: “What was key to this successful first step on the road to recovery is that the directors sought our professional advice early, which has helped to achieve this result. I’m confident the company will continue to thrive for many more years to come.”
Oliver Adams was unavailable for comment at the time of going to press. But previously, Mark Jarvis, Oliver Adams’ managing director said some shops had been “losing money hand over fist”.