Dozens of jobs have been saved after six bakeries were sold of following the collapse of a formerly giant Midland firm.
Solihull-based Cooks the Bakery became the latest retailer to succumb to tough conditions on the high street when it collapsed in November, with six loss-making stores were closed straight away.
However, administrators from ReSolve Partners have sold seven of the remaining stores, saving 37 jobs, and expect to complete the sale of the remaining two outlets in the next six weeks.
A spokesman for ReSolve said: “Administrators have completed the sale of seven of the stores to unrelated parties saving 37 jobs. The administrators are in negotiations to sell the remaining two stores and are hopeful they will be completed in the next three to six weeks.”
Cooks the Bakery had previously employed more than 900 people, running 120 bakeries and coffee shops across the UK before succumbing to a downturn in trade.
Latest accounts filed at Companies House show the company made a loss of nearly £594,000 in the year to March 27, 2010, slipping into the red after making a small profit in 2009.
Revenue, including from outlets in Northfield, West Heath, Bromsgrove, Dudley, Halesowen, Kidderminster and Redditch, fell from £13.7 million to £10.7 million across the period.
Directors said at the time that the rising price of food and low wheat yields, alongside falling consumer spending, had hit hard.
Administrators have managed to sell stores in Alvechurch, Stourport, Nuneaton, Westbury, Canterbury, Horley, and Tilgate,.
Among the eight bakeries that have already been closed – with the loss of 42 jobs – were stores in Birmingham, Worcester and Coventry.