The jobs of 60 employees of a Corby firm that went into administration have been saved.
Pastry maker Bakeaway struggled with a surge in orders over Christmas, which caused cashflow problems and lead to the company seeking the protection of administration.
Restructuring and advisory firm, FRP Advisory, has sold the business and accompanying assets of Bakeaway Limited out of administration securing the jobs of all 60 staff.
The buyer, House of Vantage Limited, a newly incorporated holding company, will continue to trade the business under the Bakeaway brand name.
Established in 2011, Bakeaway produces and supplies own brand baking products including a wide range of pastries and baked goods to supermarkets. Bakeaway’s products are manufactured in the UK and sourced, where possible, from sustainable ingredients.
Nathan Jones, director and joint administrator at FRP Advisory, said: “We are delighted to have secured the future of this well-known Corby-based pastry-making business, securing all 60 jobs in the process while ensuring vital a continuity of management under a new company structure.
“Bakeaway has grown rapidly since it was formed four years ago but strong Christmas trading just put too much strain on cashflow under its old corporate structure threatening the long-term survival of an otherwise thriving firm. The immediate sale of the business out of administration has ensured minimal disruption to Bakeaway customers and suppliers for whom it remains very much business as usual.
“Bakeaway will continue to operate from the same premises in Corby. We wish everyone involved with the on-going Bakeaway business every success in the future.”