Scarborough bakers Cooplands has expanded its empire by buying crisis hit Peters Bakery out of administration.
Cooplands bought the Durham based business in a move which has safeguarded a total of 208 jobs.
As a result of the sale Cooplands has acquired 22 of the Peters Bakery stores, involving the transfer of 129 store based staff.
The Scarborough family run business has also taken over Peters’ 50,000 sq ft factory and head quarteres site in Durham, which sees 69 staff transferring, and Peters’ retail van business, which sells baked goods to businesses and industrial estates in a move which saw the transfer of 10 employees.
However despite the takeover 34 Peters Bakery stores will immediately cease trading, resulting in 149 redundancies. Four staff in the distribution operation and two at Peter’s head office have also been made redundant.
The sale was led by Mark Firmin and Howard Smith of KPMG, joint administrators of Peters Bakery.
Mr Firmin said: “We undertook negotiations with several interested parties and this deal represents the best outcome for both the creditors and the employees of the company.
“It means that as much of the business as possible will continue to trade under the new ownership of Cooplands, safeguarding more than 200 jobs.”
The sale marks a large expansion of the Coopland & Sons business, which trades as Cooplands, and was named the third largest retail bakery in the country in April 2011 after it bought 18 shops from Scarborough rival Woodhead when it fell into administration.