North East Bakery went into administration just days before Christmas and the site’s sale was confirmed by administrator PricewaterhouseCoopers (PwC) last week.
“We are pleased to have secured the sale of the bakery site in a relatively short period of time,” said Mark Loftus, director and joint administrator of PwC. “It can only be good news for the local economy that Warburtons is the buyer – a move that clearly demonstrates its commitment to the North East.”
Loftus and Ian Green, partners at PwC, were appointed joint administrators of North East Bakery on December 22, 2009. They released a statement explaining that it went into administration because trading had suffered in the run-up to Christmas. North East Bakery comprised a 1,858 sqm bakery, as well as a number of retail outlets. It employed around 120 people.
Warburtons has yet to reveal its plans for the site.