It's only natural
Bryan Jackson, managing partner of PKF in Scotland, has sold The Natural Fruit and Beverage Company, saving 12 jobs. Loch Lomond Distillers has agreed to buy the organic juice producer which had a turnover of £6.6m.
The Glasgow-based company went into receivership on 7 June when, like many other innovative manufacturing companies, its ‘sales growth outstripped supply and cash ran short as a result’, said Jackson.
– Derek Oakoey, corporate recovery partner at Tenon Lathams, is dealing with the formalities in the liquidation of Leeds-based Teatro. The exclusive waterfront club, owned by former footballer Lee Chapman and wife Leslie Ash, ceased trading on 29 June. Chapman said: ‘Unfortunately there simply was not enough trade in Leeds to sustain this type of club and restaurant operation.’
Meetings with Teatro’s shareholders and creditors will be held today, and a formal liquidator will be appointed.
– Kroll Buchler Phillips partner Fraser Gray has been appointed to oversee the provisional liquidation of internet software provider Coranta Corporation.
The company, which employs 30 people, was hit by lower than expected sales and was unable to secure additional funding. Gray is hopeful of a quick sale of Coranta’s intellectual property because ‘it already has a customer base and revenue streams’.
– Chris Laverty and Phil Wallace of KPMG corporate recovery have been appointed administrators to fibre optics network product and service provider 360networks (UK) and 360networks Europe, the holding company to which the UK operation belongs. 360networks went into administration after its US parent, 360networks Inc., was unable to sustain its growth and filed for Chapter 11 bankruptcy.