More than 100 jobs are under threat at Kirkcaldy-based Kingdom Bakers, after the company ceased trading last week.
The independent Scottish bakery firm, founded in 1984, announced last Friday (27 January) that it was to go into receivership and sent home 135 members of staff, who could be under threat of redundancy.
Kingdom Bakers, which supplies numerous baked products to UK supermarket chains Tesco, Sainsbury’s and Morrisons, is now under the control of RSM Tenon.
The firm’s directors were forced to seek receivership after reporting severe cash flow problems and pressure from creditors. Recent attempts by the management to attract fresh investment had proved unsuccessful, according to RSM Tenon.
Its last annual accounts detailed a £144,000 drop in pre-tax profits between 2008 and 2009, despite an increase in sales from £8m to £8.5m during the same period.
Joint receiver Tom MacLennan, RSM Tenon, said: “Kingdom Bakers is a well-known business in the bakery trade, and the receivership presents an excellent opportunity for a competitor or entrepreneur to acquire the assets and goodwill, including extensive production facilities. I would urge any interested parties to contact RSM Tenon immediately.”
Kingdom Bakers has production facilities in Kirkcaldy and a pancake plant in Dysart , where it produced its Pancake Pod product, launched into the UK market in 2005.