More than 1,400 jobs have been saved at a bakery firm after it was bought out of administration.
Sayers The Bakers Limited, which has its manufacturing and distribution centre in Bolton, had been operating since 1912, had a turnover of £50m and employed around 1,500 people across the north of England.
It entered administration yesterday (December 18), putting jobs at the centre at risk, as well as at the 167 Sayers the Bakers, Poundbakery and Poundcafe branches.
However, most of the jobs have now been saved after the business was acquired by Karen Wood, who has formed a new company called Sayers and Poundbakery Limited.
Sarah O’Toole and Jason Bell of Grant Thornton 海角视频 LLP were yesterday appointed joint administrators.
Ms O’Toole, advisory partner at Grant Thornton in Manchester, said: "We are delighted to have concluded the sale which preserves a significant number of jobs at this long established business.
"Unfortunately, a number of redundancies have been made across 11 closed stores at a particularly difficult time of year and we are doing everything we can to support these employees."
The new company will be led by its former management team, consisting of Mark James and David Silvester.
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It will take on the bakery and distribution centre in Bolton and the majority of the bakers shops throughout the Northern England, North Wales, Yorkshire and the Midlands including the transfer of approximately 1,400 employees.
The firm said a "small number" of branches will close.
"While all efforts have been made to offer ongoing employment to as many people as possible affected by these closures, and where possible they will be offered the opportunity to work in other nearby locations unaffected by closure, the transaction will result in a number of redundancies," it said.
The management team at Sayers and Poundbakery Ltd, added: “We’d like to wholeheartedly thank the loyal staff, suppliers and customers for their continued support, as we enter into the next stage of this historic brand’s future.”