by Alan Quick

A CREDITON business has gone into administration with the loss of 52 jobs.

Devon Sweet Factory, the maker of bonbons and fudge under the Tuckers and Bristows brands, formerly known as Crediton Confectionery, based in Marsh Lane on the Lords Meadow Industrial Estate, called in administrators RSM Restructuring Advisory on Wednesday, July 12, two days after making its employees redundant.

Crediton Confectionery was only just rescued in November last year after Cornishman David Ives acquired the factory in 2011.

In a statement released on Tuesday, July 19, RSM Restructuring said: "The company was part way through a turnaround process and had restored the company to profitability.

”However, due to unforeseen working capital pressure, the directors took the difficult decision to cease trading and appoint administrators’’.

Mark Boughey, one of the joint administrators at RSM, appeared optimistic a buyer would be found for Devon Sweet Factory, which also supplies products to major supermarkets.

He said: “We have received a number of approaches from parties interested in the company and its assets and there is still a possibility that production will continue, either on the existing site or by moving the facility into an existing manufacturing operation.”

Crediton Confectionery was formed in 2011 when David Ives acquired the factory from sweet manufacturer Bristows of Devon, after it closed and 73 people lost their jobs.

Bristows of Devon was founded by the Bristow family in 1932 after it purchased the remnants of John Cleaves and Sons, which had been making confectionery in Crediton since the 1800s. The Cleaves business is credited with introducing the first milk chocolate to the UK.

In 2011 Bristows of Devon went into administration and was acquired by David Ives. At that time the business was re-named Crediton Confectionery.

In September 2016 David Ives established Devon Sweet Factory and in November of that year, Crediton Confectionery entered administration.

The company was then bought by Devon Sweet Factory and the Crediton site was renamed Devon Sweet Factory.

Mark Boughey and Diana Frangou from RSM Restructuring Advisory were appointed the joint administrators of the company and they have retained six staff in the short-term to assist with their work.