Derbyshire bakery acquired out of administration in pre-pack deal
Fri, 08 Sep 2023 | BUSINESS SALE
Jacksons the Bakers Ltd, a Derbyshire-based bakery firm, has been acquired out of administration in a pre-pack deal. The company, which fell into administration as a result of challenging trading conditions, has been sold to an undisclosed buyer.
The family-run company was founded by Cyril Jackson in 1944, initially selling war-rationed bread, and has grown to produce a wide range of breads cakes, traybakes and savouries, as well as bespoke celebration cakes for events such as birthdays, weddings and christenings. The company had become an established business within Derbyshire and was set to celebrate its 80th anniversary next year.
Like many food and drink manufacturers, however, the company fell into financial trouble as a result of difficult trading conditions in the sector. Leonard Curtis’ Ryan Holdsworth and Danielle Shore were subsequently appointed as joint administrators this month.
With support from Tom Paton, Curtis Blackham and Rachel Piper of Irwin Mitchell's restructuring and insolvency team, the joint administrators oversaw the company’s transition and subsequent pre-pack sale.
In a joint statement, the joint administrators said: "We are pleased to have completed this transaction which will enable the continuing operation of the company's bakery business and, importantly, safeguards over 50 jobs."
In the firm’s most recent accounts at Companies House, for the year ending September 30 2022, its fixed assets were valued at £264,852 and current assets at £193,730. At the time, however, the company owed its creditors a total of slightly over £740,000, meaning that it reported net liabilities of £283,208.
Read about the impact of 2021 regulations on pre-pack acquisitions
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