Monday, 30 January 2012

Kingdom Bakers in Receivership


Kingdom Bakers, based in Kirkcaldy, has gone into receivership, after the company ceased trading last week.  The Scottish bakery was founded in 1984 and supplies bakery products to the main supermarkets of Tesco, Sainsbury's and Morrisons.  The firm employs 135 staff and in the last accounts showed a turnover of £8.5m.  RSM Tenon have been appointed receivers.  

Joint receiver Tom MacLennan, RSM Tenon, said: “Kingdom Bakers is a well-known business in the bakery trade, and the receivership presents an excellent opportunity for a competitor or entrepreneur to acquire the assets and goodwill, including extensive production facilities. I would urge any interested parties to contact RSM Tenon immediately.”

Receivership is different to administration in that it relates to a security that was in place before September 2003.  
A receiver is appointed by the floating charge holder normally the bank.  Their principal aim is to collect the debt owed.




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