London-based manufacturers, The Bagel Group, which filed for administration earlier this month, has been sold to a new company, Mr Bagel’s Limited, as a going concern.
Under the terms of the acquisition, the business and other assets were sold to Mr Bagel’s on 28 January, according to administrator MCR Corporate Restructuring.
Paul Williams, partner at MCR, said it had been able to preserve “the majority of jobs in the company”. The company, previously known as Mr Bagels plc, reportedly produces around 150 million bagels a year under its Mr Bagel’s and Natural Bagel brands. It supplies the retail and foodservice markets.
Mr Bagels was set up in 1988 by the Kahalani brothers, Paul and Avi, and, in 1996, became a limited company.
The Bagel Group hit national headlines in December, after alleging an executive at rival Maple Leaf Foods was involved in attempted price-fixing, an allegation that is still under investigation.
Mr Bagel’s Limited was registered at Companies House on 13 January 2009. Details have yet to be confirmed by the administrator about the new company’s financing and management structure.