Entrepreneur Luke Johnson has added a third pastry brand to his growing empire, with a deal to acquire London's Baker & Spice chain.
Through a pre-pack administration handled by Vantis Business Recovery Services, Johnson's Spice Bakery vehicle has acquired outlets in London's Chelsea, Queens Park, Belgravia, Maida Vale and a concession at department store Selfridges. He plans to keep trading the outlets under their established Baker & Spice name.
Nick O'Reilly, client partner at Vantis, said Baker & Spice had been put into administration due to historic losses and ongoing supply issues.
"Baker & Spice is a well respected brand in the London market and has a significant workforce; it was important therefore that we tried to save the business despite being unable to trade it as a going concern," he said.
O'Reilly said Baker & Spice would now make the most of being part of a larger group to benefit on economies of scale and help achieve a turnaround.
Baker & Spice was founded by Gail (Stephens) Mejia in 1995, with its first outlet in London's Walton Street.
By Chris Druce
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