Pasty tax-hit company sold to footballer
A consortium featuring former England footballer Danny Mills has acquired West Cornwall Pasty Company after the firm collapsed into administration on Friday.
Most jobs were saved following a pre-pack deal, arranged by administrators PwC, of the majority of the business to a private equity (PE) fund backed by the BBC pundit and Celebrity Masterchef finalist.
The £7.5m Enact fund bought the 34 most successful of the company’s 65 outlets. PwC said 274 out of a total of 366 jobs had been saved by the emergency sale.
On the collapse of the pie seller, Chris Cormack, Enact’s investment director said the chancellor's “pasty tax” had been a contributing factor, ending a VAT exemption for hot baked goods.
“The business has struggled to cope with the effects of...