Audit, tax and advisory firm KPMG has been appointed as the administrators.
The family business is headquartered in Durham, North East England and has a network of 58 stores, contracts with supermarkets and direct mobile sales.
In the most recent financial statements the firm’s turnover was pegged as more than £12m (€14.9m).
Mark Firmin, KPMG’s Northern head of restructuring and joint administrator to Peters Bakery, said that the failure of the business can be owed to “the challenging retail environment on the high street, exacerbated by rising commodity and energy prices squeezing margins in this sector.”
“We will continue to trade the bakery, which has a state of the art production facility, a 100-strong product range and loyal workforce, while seeking a buyer and will be assessing and reviewing all aspects of the business,” Firmin said.