Details of Tindale & Stanton rescue deal emerge
09 August 2012
By Laurence Kilgannon
The consortium of Tindale & Stanton employees which rescued the Newcastle bakery faced a race against time to put a deal together, it has emerged. A new report reveals details of the transaction that saved 85 jobs and the reasons behind Tindale & Stanton’s administration.
John Russell and Andy Wood from The P&A Partnership were appointed joint administrators of Tindale & Stanton in June. They elected to trade the business, founded in 1974 by Bill Tindale and Ernie Stanton, and look for a buyer in a bid to maximize returns for creditors.
However, despite receiving high levels of interest, the fact that the company’s assets and book debts were financed and the potential liability of transferring the workforce, meant the only offer received was from employees.