Peters Bakery, the north-east bakery chain and wholesaler, has gone into administration.
The firm appointed Mark Firmin and Howard Smith of accountancy giant KPMG as joint administrators last week.
A number of redundancies are expected to be confirmed by the administrators and KPMG said it was now looking for a purchaser for the business. The decision to place the firm into administration was because of the “challenging retail environment”.
The 46 year old family-run business is headquartered on a freehold site on Durham’s Dragonville Industrial Estate, where it also has a 50,000sq ft factory. Its most recent accounts indicated the firm had a turnover of more than £12m, on the back of a network of 58 stores, contracts with leading supermarkets, a direct mobile sales operation and 403 employees.