West Midlands bakery firm Firkins Foods has been bought out of administration by MD and sole director Ian Bolderston for the third time in three years, saving all 200 jobs.
Bolderston called in the administrators on 11 November 2009 after the firm, which operates a bakery and 27 shops, came under pressure from utility creditors.
Administrator Mark Bowen of MB Insolvency said the company, which will continue to trade as Firkins, "fell foul of non-contract rates". When the business, formerly known as Firkins Bakery, was bought out of administration in November 2008, it failed to agree contract rates with two specific utility companies, said Bowen, who added that the bills were "significantly more than the company had provided for".
"Bolderston has bought the assets of the business," explained Bowen. "The shops and bakery are leasehold properties so it is now up to him to enter into negotiations with the individual landlords to see whether they’re prepared to allow him to trade from those sites. I believe the majority of these approaches have been met positively."
Bolderston also saved the West Bromwich-based firm from administration in 2006.