Famous Lancashire bakery, Oddie's is on the brink of closure after a potential sale of the 119 year old family business fell through at the last moment. W. H. Oddies Ltd, which employs over 100 staff across its 13 stores in locations including Burnley, Colne, Foulridge, Nelson, Padiham, and Todmorden, was put on the market as it grappled with rising costs and reduced footfall.
But managers said an eleventh-hour withdrawal by an un-named buyer has "left us with no choice but to consider closure", reports . The company is actively seeking an emergency rescue deal to prevent shutting down all its stores and has engaged the services of Azets, a top ten º£½ÇÊÓƵ accounting and advisory firm, and Brabners Solicitors to help secure its future.
Lara Oddie, a director at the bakery, said: "Oddie's is a fourth-generation family business, started in 1905 by William Henry Oddie. Over the decades, it has withstood two world wars and their food scarcity, the Great Depression, the fall of Lancashire's cotton industry, the rise of powerful supermarkets, and even the COVID-19 pandemic, which forced us to adapt our entire operating model.
"But with an energy crisis quadrupling costs and footfall declining on the high streets, the Oddie family decided it was time to sell. Sadly, an eleventh-hour withdrawal by the buyer has left us with no choice but to consider closure.
"As a family firm, we have always seen ourselves as part of the local community fabric, making this a heartbreaking situation for us, our devoted staff, and the loyal customers in Burnley and Pendle who have cherished our unique products."
Tim Mills, corporate finance partner at Azets, added: "Unfortunately, against the tough business landscape, with the energy crisis and high-street footfall reduction playing large roles, we're seeing companies head further into financial difficulties as a result of the cost of business crisis. We are exploring sale options of Oddie's with interested parties with a view to securing a future for the group and saving as much of the business and as many jobs as possible."
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