Peters Cathedral Bakers close three branches

The Durham firm, which went into adminstration last week, stopped trading its Peters Bakery shops in Billingham and Stockton and its Loaf shop in Pity Me yesterday and closed them for good today. KPMG, which is handling the administration of the business which has 400 staff in 58 shops, warehouses and bakery, said the three outlets had been loss-making.

The rest of the business is continuing to trade and KPMG said talks are continuing with interested parties. The closures of the three shops mean the redundancies of 11 staff in Pity Me, two staff in Billlingham and four inStockton.

The 46-year-old business had a turnover or around £12m last year, but found the retail slump, coupled with rising commodity and energy prices, caused cash-flow problems.

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Blogging about all finance and related issues in the North East region of England.
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