May 27—The owners of a Canadian commercial bakery plan to purchase Koffee Kup Bakery, they announced Thursday, just over a month after the Vermont-based company closed.
Blair and Rosalyn Hyslop, who own Mrs. Dunster's Bakery in New Brunswick, intend to restart operations at Koffee Kup and one of its subsidiaries — the Brattleboro-based Vermont Bread Co. — after acquiring it, they said in a news release.
"Despite the recent history, Koffee Kup Bakery and The Vermont Bread Company have a strong brand presence throughout New England," Blair Hyslop said in the release. "... We intend to continue their tradition of delivering high quality breads, rolls, English muffins and donuts to our loyal customers, while at the same time helping the company meet its full potential."
The couple has created a new company, called North Atlantic Baking Company, that will buy Koffee Kup. It will be based in Burlington, Vt., and sell the same baked goods that Koffee Kup and Vermont Bread Co. made, they said in the news release Thursday.
In addition to those Vermont companies, the Hyslops will also acquire Superior Bakery in North Grosvenordale, Conn., another Koffee Kup subsidiary. They intend to sell that bakery, however, they announced.
All three facilities closed April 26, just weeks after American Industrial Acquisition Corp. (AIAC), a New York-based investment firm, bought Koffee Kup.
AIAC adviser Jeff Sands said in a news release the next day that Koffee Kup had suffered financial losses in each of the past four years. That bakery had been unable to find a new investor "willing to commit the resources necessary to bring the company back to health," he said.
Nearly 250 people were laid off in Vermont, including 91 at the Vermont Bread Co. plant on Cotton Mill Hill in Brattleboro, due to the closure.
North Atlantic Baking Company hopes to finalize a lease for Koffee Kup with Ronald Teplitsky — whom a Vermont court tapped earlier this month to manage the bakery's financial assets — within a few days, the Hyslops said Thursday.
Caleb Symons can be reached at 352-1234, extension 1420, or email@example.com. Follow him on Twitter @CalebSymonsKS.