The administrators for UK baker Peters Cathedral Bakers, which went into administration last week, have received interest from potential buyers for the firm.
The company, which also trades as Peters Bakery, appointed Mark Firmin and Howard Smith of KPMG as joint administrators after the “challenging” retail environment and rising commodity costs squeezed margins, pushing the firm into administration.
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A spokesperson for the administrators told just-food today (21 June) it was too early to provide information on the identity of the suitors but confirmed “some interest” had been received.
“It’s a good start,” the spokesperson said. “Unfortunately, this could represent anything from part of the company to the whole business, but we can’t say any more at this stage. The administrators are just talking to interested parties at present.”
The Durham-based family business operates a network of 58 stores across the north-east of England, has contracts with leading supermarkets and a direct mobile sales operation. However, it has experienced reduced volumes with its wholesale customers as a result of the challenging retail environment.
Its most recent financial statement shows the company has a turnover of around GBP12m (US$18.6m).
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