Scottish bakery Mathiesons has been sold to newly-formed company Mathiesons Foods Limited, saving around 340 jobs.

The sale of the business and its assets was announced by joint administrators John Reid and Brian Milne, of Deloitte LLP, just two months after the Larbert-based firm was placed in administration.

The new company has been formed by David Kilshaw, Mark Bradford and Paul Allan. It will see Mathiesons merge with two other bakery businesses: James Allan Bakers, owned by Bradford and Murdoch Allan Bakers, run by Allan. Kilshaw is a former chief executive of Food Partners – one of the UK’s largest sandwich businesses.

The three businesses will have a combined total of 51 outlets and will employ over 560 people. The directors are currently finalising a detailed strategic review to identify how best to merge the interests of all three businesses.

“The acquisition of Mathiesons means we have the opportunity to create a significant business, with the potential to grow and become one of Scotland’s largest independent bakery companies,” said Bradford, retail director of Mathiesons Foods.

“We believe strongly that the merged business is capable of delivering the economies of scale required to compete effectively in today’s marketplace.”

Manufacturing director Allan commented: “For me, it is exciting that each of the three companies brings different, specialist product knowledge and capabilities to the table, so that in future we can offer the best of both worlds, a local presence with the support and back-up of a major national player.”

The deal is supported by Lloyds Banking Group.

In March, BB reported that Mathiesons Bakeries, which was established in 1872, had struggled during the recession, despite selling off a controlling stake to private equity firm Symphony Investment Fund last summer.

It had 22 shops and six cafés around central Scotland and Edinburgh. It also supplied major wholesalers and national retailers.