The deal – announced by accountancy firm KPMG – will see Coopland & Son (Scarborough) take charge of 22 Peters Bakery stores, involving the transfer of 129 store-based staff.
The deal to buy Peters’ comes after the firm went into administration last month (see here).
In addition to taking over 22 outlets, Coopland will also take control of Peters’ factory and headquarters site in Northumberland, UK. However, 34 Peters’ stores will immediately cease trading, resulting in 149 redundancies.
Mark Firmin, joint administrator and regional head of restructuring at KPMG, said: “We undertook negotiations with several interested parties and this deal represents the best outcome for both the creditors and the employees of the company. It means that as much of the business as possible will continue to trade under the new ownership of Cooplands, safeguarding more than 200 jobs.”