Fri, 20 May 2022 | ADMINISTRATION
Bournemouth-based instant foods brand Mr Lee’s Pure Food has been placed into administration and ceased trading following the death of its founder last year. Administrators from Kroll are now seeking a buyer for the company and its assets.
Mr Lee’s Pure Foods was launched by Damien Lee in 2016 as a healthy, gourmet offering within the £100 billion-per-year instant meals market. As well as the Mr Lee’s Noodles brand, which includes both rice noodle and ramen dishes, the company also has lines of instant porridge and congee.
In its accounts for the year ending December 31 2021, the company had £273,423 in fixed assets and £1.52 million in current assets. At the time of filing, the company owed creditors £2.47 million, outstripping its assets by £679,348. Mr Lee’s Pure Foods’ total net book value at the end of 2021 was £250,669, compared to £710,959 a year earlier.
The company has proven to be something of an innovator within the instant foods market, aiming to offer healthy alternatives within a sector widely viewed as unhealthy. It was the first company in the UK to offer instant congee and also expanded into foodtech with a pilot launch of touch-screen noodle kiosks. In 2020, the business raised more than £1.6 million through crowdfunding to finance a launch in the US.
However, following the death of Damien Lee last year following several bouts of cancer, the company has now moved to appoint Rob Armstrong and Jimmy Saunders of Kroll as joint administrators.
In a statement, the joint administrators said: “The company, based in Bournemouth, is an award-winning brand of gourmet instant noodles, porridges, and other foods. Its three product ranges; Mr Lee’s Noodles (includes Rice Noodles and Ramen), Mr Lee’s Porridges and Mr Lee’s Congee; are all made with the finest freeze-dried ingredients, low in sugar and saturated fats and with no artificial additives.”
Joint administrator Jimmy Saunders added: “At this stage the company has ceased trading and is under the control of the joint administrators whilst the financial position and prospects are examined, and we continue to look for a buyer of the business and assets. All creditors will be notified of the appointment in the coming days.”
Click here to view the UK's latest distressed businesses.
View recent UK administrations.
Read about how the push towards healthier eating is driving M&A activity.
An opportunity to acquire this valuable detached freehold property set in its own grounds and car park. The premises are situated in this delightful residential area of Derby - busy main road site with over 11,000 vehicles passing on a daily basis. T...
LEASEHOLD
The business has been established for over 90 years, and under the careful and meticulous ownership of the owner since 2019.Only now is the business being placed on the open market for sale as the owner looks to spend more time with family.
LEASEHOLD
Producer of own-brand healthy snacks and cereals, based in a state-of-the art, purpose-built unit in the west of the West Midlands.
FREEHOLD
24
|
Jun
|
E-commerce imports retailer up for sale for £1.6m | BUSINESS SALE
Deals Incorporated, a Manchester-based e-commerce retailer t...
23
|
Jun
|
Auto Trader completes acquisition of Autorama at nearly 16x gross profits | BUSINESS SALE
Auto Trader has completed the acquisition of new vehicle lea...
22
|
Jun
|
Acquisitive ESG consultancy set to be sold | BUSINESS SALE
An acquisitive environmental and sustainability consultancy ...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources