More than 1400 jobs saved at Sayers The Bakers and Poundbakery in rescue deal following the appointment of administrators>
Sarah O’Toole and Jason Bell of Grant Thornton UK LLP were appointed joint administrators to Sayers The Bakers Limited (Sayers) on 18 December 2019.
Operating since 1912 across the North of England, the £50m turnover business employed over 1500 people across 167 Sayers, Poundbakery and Poundcafe stores and in its manufacturing and distribution centres located in Bolton.
The business assets have been acquired by Karen Wood, who has formed a new company called Sayers and Poundbakery Limited, which will be run by the former management team led by Mark James and David Silvester.
The new company 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 1400 employees.
The majority of shops throughout the UK will continue to operate as previous, however a small number will now close. Whilst 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.
Sarah O’Toole, advisory partner at Grant Thornton UK LLP 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.”
Mark James and David Silvester 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.”
The shops will continue to be branded as Sayers the Bakers and Poundbakery and are committed to continue to provide excellent quality and value for money to their loyal customers.
Both Sayers and Poundbakery shops specialise in Food to Go and include their iconic range of savoury pastries still made to recipes that have being passed on through generations of Sayers bakers.