Kent-based bakery indredients supplier BFP Wholesale has gone into administration and announced 74 redundancies at its Highbridge and Sevenoaks sites.
KPMG has been appointed joint administrators to BFP Wholesale. This follows the withdrawal of its credit insurance, which “exacerbated the effect of a prolonged period of declining revenues”.
KPMG said: “The company [BFP], which employs a total of 165 staff based across four sites in Sevenoaks, Highbridge, Leeds and Livingstone, had undergone a sustained period of declining revenues, which was exacerbated by the withdrawal of its credit insurance.
“The company subsequently ceased trading before the appointment of the joint administrators.”
The administrators said they were looking at the options for all the sites, which includes seeking a buyer for the business and its assets.