Tue, 31 Jan 2023 | ADMINISTRATION
Administrators from Begbies Traynor say they still hope to find a buyer for gin producer Burleighs Gin, after newly released documents showed that the company’s debts stood at around £1.58 million when it collapsed in early December 2022.
In mid-December, administrators said a preferred buyer for the Leicestershire-based distillery had been found, with hopes that a deal would be completed by Christmas. Although more than a month has now passed since that deadline, the administrators say the sale of Burleighs as a going concern is “ongoing”.
Begbies Traynor say they remain hopeful of finding a new owner for the company and added in an update on the administration process that the business “is not going to be liquidated”.
A new statement added to Companies House showed that, as of December 5 2022, Burleighs’ debts amounted to more than £1.5 million, with major creditors including Autarky Ventures Ltd (previously Burleighs Holdings Ltd – which was owed over £852,000), HMRC (£294,500) and FSE Group (£268,000, for a loan the firm issued on behalf of the Midlands Engine Investment Fund).
Burleighs stopped taking orders and began looking for a buyer in November 2022, subsequently entering administration as a result of a winding up petition issued by HMRC. Bai Cham and David Elliott of Begbies Traynor were named joint administrators to the company in early December.
The company was launched in 2014 and produced a variety of gins, including products for Leicester City Football Club and Leicester Tigers. The company announced it was planning to scale-up its operations in February 2021 after receiving £250,000 in investment from the Midlands Engine Investment Fund.
This financing was earmarked for the launch of new products and to help the firm grow its export sales in Europe and the Far East, as well as to expand in the US.
Find out more about the soaring levels of financial distress among UK businesses.
Click here to view the UK's latest distressed businesses.
View recent UK administrations.
This bustling and profitable pub/restaurant, situated in a prime trading location, is now on the market due to the owner's retirement plans.
LEASEHOLD
Based in inner London, the business is a loved neighbourhood café and delicatessen, serving a range of artisan and specialty products. The main revenue drivers are the espresso coffee, served behind the counter, and the retail coffee, served on the s...
LEASEHOLD
The business was first established by our client in 2020, building up an excellent reputation and regular customers. As seen by the many fantastic online reviews and ratings, the business is extremely popular within the local community. The business...
LEASEHOLD
23
|
Apr
|
Furniture retail group acquires stock and IP of e-commerce firm | BUSINESS SALE
Flair Furniture, a retail group based in West Yorkshire, has...
23
|
Apr
|
UK administrations update: April 17 – 23 | ADMINISTRATION
Since our last update, the following businesses have been co...
23
|
Apr
|
TC Group merges with Rochester accountancy | MERGER
TC Group has continued to expand through strategic M&A after...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.