Bosses buy up top butchers
A historic chain of butchers with stores across the Black Country has been given a fresh lease of life, saving the jobs of all 200 workers.
The struggling Walter Smith chain went into administration and was then bought out by its management and directors in a so-called "pre-pack" deal meaning all 20 stores have kept open.
And none of the 200 staff have lost their jobs.
The business dates back to the 19th century and has won numerous awards in recent years for its pies, sausages, home-cured bacon and cooked and fresh meats.
Based in Birmingham, it has stores in Wolverhampton's Mander Centre, Bilston, Brierley Hill, Dudley, Lichfield, Stourbridge, Tamworth, Great Barr and West Bromwich.
All the Walter Smith shops across the region have continued to trade following the restructuring managed by accountants and business advisers PKF.
Matthew Gibson and Brian Hamblin, of PKF's Manchester and Birmingham offices were appointed joint administrators of Walter Smith (Birmingham) Ltd.
They said: "The company entered into administration to allow a restructuring to take place which will allow the business to go forward and be more competitive in a tough market place.
"The trade and assets were purchased from the administrators by the existing directors and management team.
"The restructuring has secured all 200 jobs. All 20 stores will remain open allowing continued supply to the public and continued custom to suppliers."
GA Smith opened his first butchers shop in Hospital Street, Birmingham in 1885. Young Walter took it over in 1905 and began to develop the chain which exists today.
Early signs of tough conditions came earlier this year when the group's award-winning shop in Cannock town centre was closed.
