All 60 jobs at supermarket own-brand bakery Bakeaway have been secured after the business was bought out of administration.
Restructuring firm FRP Advisory sold the Corby-based (Northamptonshire) business to House of Vantage - a newly incorporated holding company - and will continue to trade the business under the Bakeaway brand.
The bakery experienced cash-flow pressures over the Christmas period after receiving a surge of orders, which “forced” the company to seek administration.
Nathan Jones, director and joint administrator at FRP Advisory, said: “Bakeaway has grown rapidly since it was formed four years ago, but strong Christmas trading just put too much strain on cash flow under its old corporate structure, threatening the long-term survival of an otherwise thriving firm.
“The immediate sale of the business out of administration has ensured minimal disruption to Bakeaway customers and suppliers for whom it remains very much business as usual.”
The company, which has been operating since 2011, will continue to operate from the same 25,000sq ft bakery in Corby, where it produces and supplies ‘own-brand’ bakery products, including pastries and other baked foods to supermarkets like Sainsbury’s.