Geoff Jacobs and Blair Nimmo of Interpath Advisory have been appointed joint administrators of Walls Bakery Limited and Saltness Ltd.
Trading as ‘Waas Bakery’, Walls Bakery Limited was incorporated in 2003 and operated as a bakery in Shetland, producing from its facilities a range of items including bread loaves, bread rolls, pastries, cakes and pancakes.
The business delivered its products to local cafes, shops, and a well-known supermarket. Saltness Ltd, incorporated in 2016, owns the property from which the bakery trades.
The bakery operation and property were purchased by the present owner in 2016. The bakery experienced challenging trading conditions during the Covid-19 lockdowns which, together with ongoing cost pressures and lack of investment capital, resulted in cashflow pressures.
As a result of being unable to sell the business to date, and given the financial position of the companies, the directors have taken steps to appoint joint administrators and the bakery will cease to trade immediately. There are 9 employees within the bakery operation, all of whom have been made redundant.
Blair Nimmo, Chief Executive of Interpath Advisory and joint administrator, said: “Clearly this is disappointing news for this well-known local business, not least for the company’s dedicated employees.
“Our in-house specialist employee team will seek to support staff with the provision of information needed at this time and to claim their statutory entitlements from the Redundancy Payments Office. We are also committed to ensuring that the optimum outcome for creditors is achieved.”
Geoff Jacobs, Managing Director at Interpath Advisory, added: “It is hugely disappointing that Walls Bakery, which has been an important part of the Walls community in Shetland, is no longer able to continue to trade.
“We would advise that any parties who have an interest in the bakery operation or the property contact the joint administrators in early course as there remains an opportunity to acquire this well-established local business.”