The family-run bakery based in Chesterfield, Derbyshire looked to be on the brink after calling in administrators but has now had its future secured.
The prepack administration deal, which means that a sale is agreed prior to administrators being formally appointed, has secured the jobs of more than 50 employees at Jacksons the Bakers.
The firm fell into financial trouble following a period of challenging trading conditions for many food and drink manufacturing businesses.
Ryan Holdsworth and Danielle Shore, from insolvency and restructuring specialists Leonard Curtis, were formally appointed as the joint administrators this month (September 2023) and oversaw the transition and subsequent prepack deal.
Founded in 1944 by Cyril Jackson, Jacksons the Bakers is due to celebrate its 90th anniversary next year. It was initially focused on the sale of rationed bread during the second world war.
Today, Jacksons the Bakers produces bread, cakes, savouries and traybakes, in addition to bespoke celebration cakes to order such as wedding, birthday or christening cakes.
In a joint statement, administrators Holdsworth and Shore said: “We are pleased to have completed this transaction which will enable the continuing operation of the Company’s bakery business and, importantly, safeguards over 50 jobs.”
Tom Paton, Curtis Blackham and Rachel Piper of Irwin Mitchell’s restructuring and insolvency team supported Holdsworth and Shore with the agreement.