Published: 11th May 2016
A company that described itself as being Britain’s only national bakery ingredient wholesaler has been entered into administration.
BFP Wholesale had employed 165 staff across its UK-wide operation but has now partially ceased trading and made 74 of its employees redundant.
The jobs being lost are those linked to the company’s operations in Somerset and two sites in the county at Sevenoaks and Highbridge respectively.
However, there has been better news for the dozens of staff members employed by the business at its sites in Leeds and Livingstone where recently appointed administrators have succeeded in finding a new buyer for those joint operations.
A subsidiary of a company called Kent Foods has acquired those facilities as a partial rescue of BFP Wholesale was carried out in recent days following its fall into administration on May 3rd 2016.
The deal is understood to have safeguarded in the region of 90 jobs which might otherwise have been lost.
“We are pleased to have completed a swift partial sale of the BFP Wholesale business, safeguarding the operations and employees at the Leeds and Livingston sites,” said Rob Croxen, a partner at KPMG and a newly appointed administrator.
BFP Wholesale was officially based in Sevenoaks, Somerset, and the business saw its revenue levels declining steadily over the course of recent years.
Despite counting the likes of Greggs and Krispy Kreme among its customers, the business was unable to avoid repeatedly posting operating losses and the recent withdrawal of its credit insurance is understood to have notably worsened an already challenging financial position.
Ownership of BFP Wholesale changed on a number of occasions in recent years as various parties attempted to revive the company’s fortunes and turn around its financial position.
The business was owned by a French food conglomerate called Lesaffre until 2014 when it was taken over by Zimt Holding, a private equity consortium, which installed a new chief executive and closed down one of its depots in Staffordshire.
BFP posted a full-year profit worth £181,000 in 2013 but saw its revenues decline sharply over the course of the following year when it recorded a total loss of £1.8 million. We have an extensive network of 78 offices offering confidential director support across the UK.