David Chubb, Stuart Maddison and Robert Moran of PwC have been appointed as joint administrators of West Cornwall Pasty Co, a food retailer best known for its hot food outlets at train stations.

The administrators have sold the majority of the assets of the company to Enact, a private equity firm specialising in distressed businesses.  Enact has bought 34 of the West Cornwall Pasty stores, rescuing 274 jobs, but the remainder are to be closed with immediate effect with 92 redundancies.

The company had 20 outlets based at train stations and 45 in other locations across the UK and employed 366 employees.  

David Chubb, joint administrator and partner at PwC said: ‘The company was facing severe difficulties meeting its financial obligations as a result of a combination of factors, and having run out of alternative options, sought the protection of administration.  

‘We are very pleased to announce the sale of the company to Enact. The last few days have seen an intensive period of activity as we worked with the group to explore the options available to them. We consider that this represents the best outcome for the business and will ensure the company has a more secure future.’