Page last updated at 17:29 GMT, Wednesday, 3 March 2010

Bakery firm Mathiesons under administration

Mathiesons logo
The bakers was established in Falkirk in 1872

Falkirk-based baker Mathiesons has gone into administration.

The company, which employs about 350 people, will continue trading while joint administrators Deloittes attempts to find a buyer.

Mathiesons was established in 1872. It was run by the same family until July 2009 when a private equity firm bought a controlling stake in the company.

A spokeswoman for Deloittes said: "No-one at Mathiesons is being made redundant at the moment."

The firm's headquarters are in Larbert near Falkirk. It has 26 stores and six cafes around central Scotland.

Private equity firm Symphony Investment Fund has owned the majority of shares in Mathiesons since last July.

The business is continuing to trade in administration whilst it is marketed for sale
John Reid, Deloittes

The baker's former managing director George Stevenson, who had run the company for 30 years, became non-executive chairman after the buyout.

A series of redundancies were made last year to save cash, but Deloittes said they had not been enough to return the company to profitability.

In a statement, Deloittes said that Mathiesons, which has previously had revenues of £9m a year, had been "unable to support an over-burdened cost base".

It was put up for sale early in 2010 but the sale of the business could not be completed.

John Reid, who has been appointed a joint administrator of the firm, said: "Mathiesons is recognised as a quality bakery with a skilled workforce.

"The business is continuing to trade in administration whilst it is marketed for sale."

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