KPMG administrators arrange pre-pack deal at abattoir Ensors
Administrators sell abattoir and food processing business to family-run Foyle Food in pre-pack
Administrators sell abattoir and food processing business to family-run Foyle Food in pre-pack
KPMG ADMINISTRATORS have arranged a pre-pack sale of abattoir and food processing business Ensors Gloucestershire.
Will Wright and Mark Orton were appointed joint administrators and immediately sold the business to former rival and family-run Northern Irish company Foyle Food Group Limited.
The sale of the business and assets included the 80,000sq ft factory and the transfer of 136 employees.
Wright, restructuring partner at KPMG, said: “After suffering cashflow problems due to the loss of a significant contract and investment in an acquisition that failed to deliver the anticipated benefits, this long established family business was unable to continue trading and a solvent sale was not possible due to the levels of debt in the business.
“The sale of the business via a pre-pack has enabled the continued employment of all 136 staff and will mean work at the abattoir and processing plant will continue under new ownership.”
New research suggests that meat processors are ‘being squeezed’ with nearly a quarter of the UK’s largest meat companies needing an urgent survival plan, according to analysts Plimsoll, Farmers Weekly reports.
A pre-pack administration is where the sale of a business is marketed and organised prior to it entering an insolvency process. The whole or part of the business is sold immediately on appointment of administrators.
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThe retailer’s recent announcement that they are looking into closing up to 50 of their stores has sparked fresh discussion about the future of bricks...
View articleMP Frank Field criticised the board for scrapping an independent review in favour of having KPMG "mark their own homework” Read More...
View articleThis strategic review comes a week after the troubled construction group revealed it was battling with rising debt, deteriorating cash flows and write...
View articleUK private investor Endless LLP acquires the high street retailer, saving 840 jobs Read More...
View articlePixel Projects Limited (Pixel) has been sold by SFP, which has saved the positions of all 34 employees Read More...
View articleSteve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies Read Mo...
View articleBegbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restora...
View articleSmith & Williamson has been appointed administrators of charity 4Children Read More...
View article