Jobs lost as Devon Sweet Factory turnaround fails
UK-based confectionery manufacturer Devon Sweet Factory, whose brands include Bristows and Tuckers, has gone into administration with the loss of over 50 jobs, due to “unforeseen working capital pressure.”
Mark Boughey and Diana Frangou from RSM Restructuring Advisory from RSM Restructuring Advisory were appointed joint administrators on 12 July.
The company, previously known as Crediton Confectionery, was bought out of administration last year by Devon Sweet Factory. It specialises in chewy bonbons and fudge under the Tuckers and Bristows brands, as well as manufacturing a number of white label products for supermarkets and other brands.
Devon Sweet Factory was part way through a turnaround process and had restored the company to profitability. However, due to unforeseen working capital pressure, directors of the company decided to cease trading.
As a result, 52 employees were made redundant, while six staff members have been retained in the short term to assist administrators to carry out their duties.
Mark Boughey says, “We have received a number of approaches from parties interested in the company and its assets and there is still a possibility that production will continue, either on the existing site or by moving the facility into an existing manufacturing operation.”