Adrian Graham and Julian Pitts, partners at Begbies Traynor, have been appointed joint liquidators of Sheffield cake retailer Fancie Ltd.

Founded in 2007 by former chef Amanda Perry, the company opened its first shop in the city in 2009 and had grown to encompass four shops and a bakery spread across Sheffield. Its debts include £136,000 owed to trade creditors; £14,000 of bank debt; and £35,000 owed to HMRC.

Perry has set up a new company, FC Ltd, which is currently occupying three former premises of Fancie Ltd. The outlet in Sheffield's Meadowhall shopping centre closed in May. There were no staff employed by the company at the time of its liquidation.

Joint liquidator and Begbies Traynor partner Adrian Graham said: 'It is very unfortunate that such a popular local business has had to go into liquidation. It seems that the Meadowhall unit was a drain on the company's finances and its debts include a five figure rates demand for the outlet there. Fancie Ltd also suffered from increased competition leading to cash flow problems.'

The joint liquidators are currently investigating the company's financial situation, including the details of its property leases and its assets, and the current position for creditors is uncertain.