Eighty-five jobs have been saved after Tindale & Stanton’s Newcastle bakery was sold as a going concern. The bakery has been acquired by new company, Star Cottage Bakery, made up of a consortium of four former managers.
The administrator, The P&A Partnership, was called in earlier this month when Bakery Products, which acquired the Tindale & Stanton bakery last year, went into administration.
Bakery Products had also acquired the bakery and 11 shops from Woodhead Bakery when the firm went into administration last April.
In a separate deal, two bakery shops in Harrogate which were owned by Bakery Products, Scarborough, have been sold to a new company, Howards Bakery, saving a further 16 jobs.
Star Cottage Bakery bought the Tindale & Stanton bakery on Friday 22 June. Joint administrators John Russell and Andy Wood had continued to trade Tindale & Stanton in a bid to find a buyer.
Said Wood: “We are pleased to have been able to sell the business as a going concern, particularly as the buyers are former employees. The quick sale of Tindale & Stanton is an endorsement of the rescue process that an administration enables.”
He said the employees had been supportive of the administrators throughout the process, as had its key secured creditors, “who gave us their backing to keep the business trading”.