Time is running out for administrators at Harvestime (2005), who are still struggling to sell the business's loss-making bakery in Walsall.
Joint administrator John Kelly of Begbies Traynor had hoped a deal would be finalised before Christmas, but said the process had reached a “sticking point” over a lease dispute with the landlord of the Walsall site.
Despite some improvements in trade from the site and pre-Christmas hopes that it would soon break even, Kelly said of the current situation: “We can't continue like this for much longer as it is still operating at a loss.”
He confirmed that negotiations with interested parties were continuing, but said that to his knowledge Australian investor Ian Allen, of pie company Sargents, was no longer interested.
Meanwhile, the sale of the Leicester bakery has been completed, but a buyer has yet to be found for the Peterborough site. Both are currently out of operation.
Kelly added that he was confident “opportunities would arise” for the 450 staff made redundant by administrators once a sale goes through.
Harvestime (2005) went into administration on November 18, as it was reportedly losing £250,000 a week.