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19 December 2019 18:44

The Affair Ruth Wilson Sarah Treem

1,400 jobs saved as Pound Bakery and Sayers bought out of administration...

More than 1,400 jobs have been saved at Pound Bakery and Sayers the Bakers after the Bolton-based firm was bought out of administration. The 108-year-old company, which employed around 1,500 people in its stores across the north, North Wales and the Midlands and at its Bolton bakery, distribution centre and head office, went into administration on Wednesday, putting hundreds of jobs at risk. Most of the jobs have now been saved after the business was bought by Karen Wood, who has formed a new company called Sayers and Poundbakery Limited. In a statement, Mr James and Mr Silvester said: "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." In a statement, Sayers said: "The majority of shops throughout the UK will continue to operate as previous, however a small number will now close. Sarah O'Toole, advisory partner at Grant Thornton UK LLP, the firm appointed as joint administrators, said: "We are delighted to have concluded the sale which preserves a significant number of jobs at this long established business." In 2008 the then Liverpool-based firm made 450 staff redundant across the north west after parent company Lyndale Group went into administration.

Sarah O'Toole and Jason Bell of Grant Thornton were appointed joint administrators to Sayers The Bakers Ltd yesterday (December 18). Operating since 1912 across the North of England, the £50 million turnover business employed over 1,500 people across 167 Sayers, Poundbakery and Poundcafe stores and in its manufacturing and distribution centres in Bolton. The business assets have been acquired by Karen Wood, who has formed a new company called Sayers and Poundbakery Ltd, 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 1,400 employees. Ms O'Toole, advisory partner at Grant Thornton in Manchester, 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." The management team 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." Sarah O'Toole and Jason Bell of Grant Thornton UK were appointed administrators of the £50m turnover business on Wednesday (18 December). Sayers' assets have been acquired by Karen Wood, who has formed a new company called Sayers and Poundbakery. This includes Sayers manufacturing and distribution centre in Bolton, as well as 167 Sayers, Poundbakery and Poundcafé stores across northern England, North Wales, Yorkshire and the Midlands – including the transfer of about 1,400 employees. The new business will be run by the former management team, led by Mark James (chief operating officer) and David Silvester (retail operations director). The new company will take on the bakery and distribution centre in Bolton and most of the business' shops.

Sarah O'Toole, advisory partner at Grant Thornton UK, said: "We are delighted to have concluded the sale, which preserves a significant number of jobs at this long-established business. The company's existing shops will continue to be branded as Sayers the Bakers and Poundbakery. Sayers and Poundbakery's management team 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, which were operated by the Sayers the Bakers, were among the just 11 stores to close down when the firm hit financial difficulties. The future of the business looked at risk when it was placed in administration last Wednesday but it was bought out very soon after amid announcements that the majority of jobs would be saved and a 'small number' of branches would close. The closures come after the business was acquired by Karen Wood, who formed a new company called Sayers and Poundbakery Limited.

The new company is led by its former management team, consisting of Mark James and David Silvester, and took on the bakery and distribution centre in Bolton and the majority of the shops throughout Northern England, North Wales, Yorkshire and the Midlands including the transfer of approximately 1,400 employees. Sayers the Bakers – which operates the Poundbakery and Poundcafé brands – has been bought out of administration. Grant Thornton UK was appointed administrators to Sayers The Bakers Limited yesterday (18 December), and the business has been acquired by Karen Wood, who has formed a new company called Sayers and Poundbakery Limited. The new company will take on Sayers' bakery and distribution centre in Bolton and most of its 167 shops across northern England, North Wales, Yorkshire and the Midlands, although 11 stores have been closed. This will result in a number of redundancies, with the new business taking on around 1,400 employees.

The new company will be run by the former management team, led by Mark James and David Silvester. Sayers' shops will continue to be branded Sayers the Bakers and Poundbakery. "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," said the Sayers management team. Sarah O'Toole, advisory partner at Grant Thornton UK LLP added: "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."