Buxton Spa Bakery has become the latest victim of the recession after administrators were unable to find a buyer for the struggling firm.
The bakery, which manufactured own-label cakes for the supermarkets and owned the Holmfield brand, had encountered trading difficulties since July 2009, with the loss of two major customers last summer, according to administrator Steve Clancy, MCR.
The company had been making progress, added Clancy, however the loss of another key customer in June 2010, left the business with a bad debt in excess of £100,000.
MCR said that despite substantial interest in the business, which went into administration on 15 July 2010, “it ultimately did not prove possible to achieve a sale”. As a result, the firm has ceased trading and its affairs are now being wound up.
Buxton Spa was established as a company in December 2008 in a pre-pack deal, in order to purchase the business and assets of BSB Realisations, which went into administration in January 2009. However the family bakery, established by Mike and Peter Higgins, had been making products from its site at Harpur Hill Park, Buxton, since 1992.