Find out what our customers have to say about our service.Read more
Bakery group enters administration
Thursday June 14th 2012
A large company which supplies bakery goods to many of the UK's well-known supermarkets has been forced to call in the administrators.
The downfall of Peter Cathedral Bakers, known as Peters Bakery, has led to around 400 people fearing for their jobs as administrators are expected to make job cuts within the next few days.
The Durham-based company could be shut down completely, which would see its 58 outlet stores, a large factory and a logistical sales department all closed.
Despite Peters Bakery's downfall, its main rival Greggs opened almost 100 new stores last year and continues to grow.
The northern head of restructuring and joint administrator for KPMG, Mark Firmin, said: "The challenging retail environment on the high street is exacerbated by rising commodity and energy prices squeezing margins in this sector.
"These factors, along with reduced volumes with its wholesale customers, has led to the failure of this 46- year-old family business."
Copyright Press Association 2012
How would you cope financially if you lost your job, fell seriously ill, or had an accident? Our great value Income Protection Insurance helps you plan for the unexpected and comes with added extras you won't always find with other insurers!