| View more details on this retailer : Cooplands |
| | | | 09/11/2016 | Business Desk, Clare Burnett - Bakery chain collapses as CVA fails | | | | | Cooplands enters administration | | | | | The Business Desk reports that Cooplands has entered administration.
Administrators at Opus Restructuring were called in yesterday (8 November) putting around 200 jobs at risk, just months after two bakeries in Lincolnshire were closed without notice.
The business agreed a company voluntary agreement in April when they owed £475,000. Creditors, which included HMRC, Sheffield City Council and Scottish Power, allowed the company to continue to trade after agreeing to the deal on 8 April 2016. 79% of creditors voted for the CVA.
In the deal, Cooplands agreed to pay nothing to creditors for the first three months of the CVA, following which it would pay £8,504 a month for the remainder of the three years agreed.
Opus are due to give an update on Cooplands this morning. |
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