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Lees Foods
- BY: Andrew Hore |
- POSTED: 09/03/2009 |
Lees Foods is placing its Patisserie UK subsidiary in administration.
The macaroon bars and coconut snowballs maker said at the time of its recent trading statement that it was considering the future of Patisserie UK after it lost a major contract with Costa Coffee. Costa was three-quarters of the Patisserie UK business when Lees bought the company for £2m in cash and shares in December 2007. Within three weeks of the acquisition 25% of the revenues from Costa were lost and now the rest of the contract has been transferred to other suppliers. Lees tried to sell the loss-making business, but there were no takers.
Lees intends to claim under warranties from the former owners of Patisserie UK.
The rest of Lees is trading well.
Shares in Lees fell 8p to 112.5peach, which values the company at £2.78m.
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