Bakery seeks rescue deal to save 100 jobs, 13 locations

The fourth-generation family business operates 13 locations across Lancashire and employs more than 100 people.

Oddie’s is being assisted by UK accountancy and advisory firm Azets as well as Brabners Solicitors.

Explaining the situation that the firm is now in, managing director Lara Oddie said: "Oddie’s is a fourth-generation family business, started in 1905 by William Henry Oddie. Over the decades, it has withstood two world wars and their food scarcity, the Great Depression, the fall of Lancashire's cotton industry, the rise of powerful supermarkets, and even the COVID-19 pandemic, which forced us to adapt our entire operating model.”​

Oddie explained that as the firm saw energy costs quadruple and footfall decline, the family decided to put the business up for sale.

An agreement was reached with a buyer, but that deal fell through at the “eleventh-hour” ​and has left Oddie’s facing the prospect of closing down.

“As a family firm, we have always seen ourselves as part of the local community fabric, making this a heart breaking situation for us, our devoted staff, and the loyal customers in Burnley and Pendle who have cherished our unique products,” ​concluded Oddie.

Azets 'exploring sale options'

Corporate finance partner at Azets, Tim Mills, added: “Unfortunately, against the tough business landscape, with the energy crisis and high-street footfall reduction playing large roles, we’re seeing companies head further into financial difficulties as a result of the cost of business crisis.​

“We are exploring sale options of Oddie’s with interested parties with a view to securing a future for the group and saving as much of the business and as many jobs as possible.”​

In other news, a man has been arrested as part of an investigation into potentially fraudulent activity on farms.​​

The Food Standards Agency confirmed the arrest in an update on the joint investigation, which is being carried out by the National Food Crime Unit along with West Yorkshire and South Yorkshire police forces.