A bakery supplier for the likes of Greggs and Krispy Kreme has tumbled into administration, with an immediate loss of more than 70 jobs.
BFP Wholesale, an ingredients wholesaler based in Sevenoaks, said it has ceased trading after a long period of declining revenues.
Its troubles were exacerbated by the withdrawal of its credit insurance, forcing it to appoint KPMG as administrators on Tuesday, May 3.
The company, which has four sites across the UK which employed 165 people, immediately made 74 redundancies at its Sevenoaks and Highbridge locations.
It has since sold all its stock and its operations in Leeds and Livingstone to C&C 25 Limited.
Administrators are still looking for a buyer for the rest of the business and its assets.
Rob Croxen, partner at KPMG and joint administrator, said: “We are pleased to have completed a swift partial sale of the BFP Wholesale business, safeguarding the operations and employees at the Leeds and Livingston sites.”
BFP had been trying to turn around its business, appointing Bill Thurston as its chief executive last May, who joined from a family-owned Kuwaiti retail giant Alshaya Group, where he was vice president.
Its latest accounts filed a Companies House show its revenues declined to by 4% to £73.1 million in 2014, with operating costs and other expenses of £74.7 million leading to pre-tax losses of £1.8 million. It made a profit of £181,000 in 2013.
BFP was acquired by private equity consortium Zimt Holding in July 2014, founded by investment gurus David Burresi and Sebastian Sipp.
Then made a series of strategic changes since it was sold by conglomerate owner Lesaffre.
The firm made several investments into its warehousing and distribution systems and overhauled its management team.
At the time of appointing Bill Thurston as boss, Zimt Holding partner David Burresi said: “Bill is an exceptional leader with an extensive track record and we are delighted to welcome him to BFP.
“His experience will be invaluable to the successful implementation of our investment plan that sees the introduction of new people, processes and technology.”
Mr Thurston had added: “It is an exciting time to be joining BFP under the ownership of Zimt.
“We have significant plans for the growth of the business and to further build on the relationships with both new and existing customers.”