ARTISANAL MEAT PRODUCER Turners has been sold out of liquidation to local entrepreneurs by CVR Global.
Craig Povey and Richard Toone, partners at CVR Global, were appointed as the joint liquidators. They were appointed on 25 November 2016 and sold the assets to local entrepreneurs Paul Atkins and Paul Moore.
Turners of Bond Street is a third-generation family-owned company, based in West Bromwich, can trace its roots back to the 1930s, and it sells to hotels, caterers, and supermarkets.
The company, a traditional bacon producer, had run into financial difficulty due to rising import costs since the EU Referendum. Turners, a West Midlands producer, was sold out of liquidation, saving 13 jobs in the process.
Povey said: “The business was struggling, partly because of Brexit as it saw a 20% increase in importing pricing. We’re pleased to have been able to move quickly to find new owners and to secure a sale of the assets of the company and save all 13 jobs. Paul Atkins and Paul Moore will be making further investment into the company to take the business forward, with the aid of Peter Turner who returns to the business as non-executive director.”
The company will continue to trade, and Peter Turner who was in the business for 40 years has been appointed by the new owners as a non-executive director. The former owner Rob Sessions has exited the business.
Paul Moore said: “We’re delighted to have completed this deal and look forward to growing the business. We believe there are good opportunities to expand further in the artisan market.”
Under the new owners, Turners of Bond Street is planning to expand into new markets.
New insolvency rules enter into effect on 6 April 2017. Caroline Sumner of R3 discusses what the changes mean for the insolvency profession
Andrew Tate of insolvency and restructuring trade body R3 examines the government's proposed changes to the UK's insolvency and restructuring framework, and highlights the profession's concerns
Partners at the insolvency firm Craig Povey and Kevin Murphy were appointed liquidators on 2 February
Leonard Curtis Business Solutions Group has opened a new office in Glasgow – the first Scottish office for the professional services provider