Crediton Confectionery bought out of administration

UK-based Crediton Confectionery has been bought out of administration, saving over 70 jobs at its Devon sweets factory.

Crediton Confectionery, whose brands include Bristows and Tuckers, has been renowned for producing fudge and bonbons. During the latter part of 2015 and in the early part of this year, however, the business suffered from production challenges, which ultimately led to unsustainable pressure on its cash flow. Despite substantial financial shareholder support, the company appointed FRP Advisory as administrators on 25 October.

After engaging with several interested parties, the business and its assets have been sold as a going concern to Devon Sweet Factory Limited, securing the jobs of all 74 employees.

Andrew Sheridan, partner at FRP Advisory and joint administrator, said, “We are delighted to have secured the future for this long established Devon sweet manufacturer which has put a smile on generations of confectionery lovers for more than 80 years. Most importantly the deal has saved 74 jobs and ensures sweet manufacturing can carry on at site in Crediton for years to come.  We wish the business all the success for the future under its new ownership.”

Danielle Ives, managing director of Devon Sweet Factory, added, “This is great news for the customers and employees of this long established business. Everybody involved is very excited about the prospects for the new venture and look forward to building the business to attain its full potential.”

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