Teoni’s Cookies to continue despite Devon firm going into administration
Popular speciality biscuit brand Teoni’s Cookies looks set to return to independents’ shelves this month, after elements of the Devon-based operation behind it have been salvaged from administration.
The company, Teoni’s Ltd, was placed into administration just before Christmas after running into cashflow difficulties, and it has taken several months to resolve the situation and re-establish production.
Ian Walker of insolvency practitioner Begbies Traynor, which is handling the process, told FFD that four or five offers had been made for the business but the equipment, recipes and brand had been acquired by M J Bakery Ltd, a newly incorporated company.
FFD understands that one of the directors of the previous business has ties to the new owner but another director, Teoni Payne, has stated on several of the brand’s social media accounts that she is no longer associated with it.
Ian Walker said production of the cookies was set to start again at the old business’s premises in Willand, East Devon, but this was a temporary arrangement while M J Bakery looked for a new location.
The recipes, product range and bakery processes are not expected to change.
Walker added that there were cashflow problems by the time Teoni’s had been placed into administration but it had “previously it had been a successful business” and the root cause of the insolvency process was not a financial one.
It is hoped that selling the freehold of the units in Willand’s Blackdown Park South View Industrial Estate – currently being marketed by agent Charles Darrow – will raise funds to pay the creditors of the insolvent Teoni’s Ltd.
“We’re currently trying to establish the level of indebtedness of the company,” said Ian Walker. “It’s likely that there will be a substantial dividend for creditors.”
According to the last account filed at Companies House, Teoni’s trade creditors were valued at just over £100,000.
Teoni’s is stocked by many delis and farm shops across the UK and was ranked 3rd in the biscuit category of Fine Food Digest’s most recent Best Brands Survey – a national poll of independent retailers to establish the best-selling brands in the sector.
The brand is known in particular for its four-packs of dipped cookies, that come in flavours including white chocolate & stem ginger. Other lines include strawberries & cream shortbread and maple pecan oat crunch cookies.
This story appeared in the March issue of Fine Food Digest. You can read more on the digital edition here.
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