Former footballer Danny Mills has emerged as one of the saviours of West Cornwall Pasty Company, which entered administration last week.
A sale of the business to private equity firm Enact, of which Mills is a partner, was completed by administrators from PwC, in a transaction including the sale of 34 West Cornwall Pasty shops and the preservation of 274 jobs.
David Chubb, Stuart Maddison and Robert Moran of PwC were appointed as joint administrators of the company on 11th April.
Chubb, joint administrator and partner at PwC said: “We are very pleased to announce the sale of the company to Enact.
“The last few days have seen an intensive period of activity as we worked with the group to explore the options available to them. We consider that this represents the best outcome for the business and will ensure the company has a more secure future.
“The company was facing severe difficulties meeting its financial obligations as a result of a combination of factors, and having run out of alternative options, sought the protection of administration. Unfortunately, there will be redundancies and we are doing what we can to support these employees.
“This business sale has preserved the majority of jobs and provides some much needed stability for suppliers and employees.”
Prior to entering administration, the company operated 20 train station based outlets and 45 non-train station based outlets across the UK, with a total of 366 employees.
92 redundancies have already been confirmed as a result of the company entering administration.