Grant Thornton rescues Yokshire bakers

Administrators have sold off most of stricken Yorkshire-based bakers Ainsleys.

Grant Thornton's restructuring and insolvency specialists brokered a deal to sell the bakery business to Countrystyle Foods while 20 of its 29 leasehold retail outlets have been sold between Cooplands of Scarborough and Cooplands of Doncaster.

The deal will protect most of the 285 jobs at the business.

"We are really pleased to have found buyers for the majority of the various businesses within the Ainsleys portfolio. Negotiations are still ongoing in respect of the remaining nine stores and we hope to be able to announce a positive resolution shortly," said administrator Joe McLean.

"I would like to thank all Ainsleys staff for their help and support during this difficult time. Their loyalty and commitment to Ainsleys, shown by their high standard of work despite uncertainty and terrible weather conditions, has been vital in securing a buyer.”

Anthony Barrett of Grant Thornton’s Leeds-based corporate finance team led the transaction with legal advice from Sally Williamson of DLA Piper’s restructuring team.