Iconic bakery chain faces closure as 119-year-old family business seeks urgent rescue deal

A fourth-generation family bakery chain is facing closure after a deal to sell the 119-year-old business collapsed at the eleventh hour.

The family behind the iconic Oddie’s bakery, which employs more than 100 people across its 13 stores in Lancashire, put the company up for sale due to soaring costs and declining footfall. However, bosses say they are now left "with no choice but to consider closure".

It follows an eleventh-hour withdrawal by an unnamed buyer, LancsLive reports. The company is now looking to secure an urgent rescue deal to avoid closing all 13 locations - including in Burnley, Colne, Foulridge, Nelson, Padiham and Todmorden - and have employed Azets, the UK top ten accounting and advisory firm, alongside Brabners Solicitors, in a bid to secure its future.

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Lara Oddie, director at Oddie’s, 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.

"But with an energy crisis quadrupling costs and footfall declining on the high streets, the Oddie family decided it was time to sell. Sadly, an eleventh-hour withdrawal by the buyer has left us with no choice but to consider closure.

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

Tim Mills, corporate finance partner at Azets, said: "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."