A lot of dough: how the Coughlans’ ‘former’ bread factory has appeared on an estate agent’s website, with its £2.8million price tag
EXCLUSIVE by STEVEN DOWNES
The bakers’ shop that the Coughlan family first opened on London Road in 1937, and the Thornton Heath commercial bakery, offices and warehouse of the once-thriving retail business, have all been put up for sale as part of a property portfolio valued at close to £5million.
Coughlans was the bakers business that wasn’t making enough dough when they opted to go into voluntary liquidation earlier this summer. Janes, the West Country bakery chain, has acquired Coughlans via the liquidators, but they have not taken on all of the business’s 31 branches.
And now 502 London Road – the corner site, close to Mayday Hospital, where the family business began almost 90 years ago – and 21-29 Sandringham Road, Thornton Heath, have also been officially “disclaimed” by the liquidators.
On June 30, when Coughlans’ directors placed the business into voluntary liquidation, there were 175 full- and part-time employees, as well as the bakery in Thornton Heath and 31 branches across south London, Surrey, Kent and Sussex. The former Coughlans staff have been invited to re-apply for their old jobs by Janes.
End of an era: the estate agents’ particulars includes this photo of the inside of the Thornton Heath bakers shop that Coughlans ran for 89 years
As Inside Croydon first reported, the closure was announced by Sean Coughlan, the third generation to run the business, who blamed all kinds of external reasons for the closure.
The two latest “Notice to Registrar of Companies of Notice of disclaimer” were filed at Companies House on September 9 – six days after the other branches were disclaimed.
Under Section 178 of the Insolvency Act 1986, when a liquidator “disclaims an interest” in a lease, it means they are formally walking away from a property, to avoid the insolvent company’s estate from losing any money on ongoing rent and maintenance.
The bread factory and the original Coughlans bakers shop have been put up for sale, alongside the company’s warehouse on Sandringham Road (asking price: £750,000) and three of the other disclaimed branches – those on Lower Addiscombe Road (£325,000), on Chipstead Valley Road in Coulsdon (£125,000) and the former branch in Banstead (£350,000).
Shareholder: comedian Romesh Ranganathan invested £400,000 in Coughlans
The Coughlans shop at 502 London Road, on the corner of Mayday Road, which comes with two one-bedroom flats on the first floor, has a price tag of £575,000.
Overall, the “Coughlans Property Portfolio” being handled by Colliers Wood estate agency Christopher St James has been valued at £4.9million. Any money raised from the sale has to be used to pay off the firm’s creditors, with anything left over to be distributed among the Coughlans shareholders.
These include comedian and the BBC’s TV licence advocate, Romesh Ranganathan, who had bought around £400,000 of Coughlans shares in the couple of years before the firm’s liquidation.
The 21,000sqft of the bread factory at 21-29 Sandringham Road is being offered at £2.8million “for the freehold interest with vacant possession”.
The estate agent particulars state “alternative uses possible”, “investor opportunity” and “potential residential or mixed use development”, subject to planning permission.
They describe it as a “rare and exciting opportunity to acquire this substantial two-storey former bakery production and distribution facility with first-floor offices.” Note the use of the word “former” in the description of the bakery.
And they add: “This unit forms part of a portfolio disposal that is available as individual lots or as one.”
Read more: There’s no dough to reopen six former Coughlans bread shops
Read more: Coughlan’s directors moved £9m out of bakery firm since 2023
Read more: Croydon bakers firm Coughlan’s closes blaming Labour NI hike
A D V E R T I S E M E N T
PAID ADS: To advertise your services or products to our 10,000 weekday visitors to the site, as featured on Google News Showcase, email us inside.croydon@btinternet.com for our unbeatable ad rates
- If you have a news story about life in or around Croydon, or want to publicise your residents’ association or business, or if you have a local event to promote, please email us with full details at inside.croydon@btinternet.com
As featured on Google News Showcase
- Our comments section on every report provides all readers with an immediate “right of reply” on all our content. Our comments policy can be read by clicking here
Inside Croydon is a member of the Independent Community News Network
