Devon Sweet Factory, the maker of bonbons and fudge under the Tuckers & Bristows brands, has gone into administration with the loss of 52 jobs.
Formerly known as Crediton Confectionery to reflect the town of its location near the city of Exeter in southern England, the company called in administrators RSM Restructuring Advisory on 12 July, two days after making its employees redundant. Crediton was only just rescued in November last year after managing editor David Ives had acquired the factory in 2011.
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“The company was part way through a turnaround process and had restored the company to profitability,” RSM Restructuring said in a statement on 19 July. “However, due to unforeseen working capital pressure, the directors took the difficult decision to cease trading and appoint administrators”.
Mark Boughey, one of the joint administrators at RSM, appeared optimistic a buyer would be found for Devon Sweet Factory, which also supplies white label products to major supermarkets.
“We have received a number of approaches from parties interested in the company and its assets and there is still a possibility that production will continue, either on the existing site or by moving the facility into an existing manufacturing operation,” Boughey said in the statement.
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By GlobalData
