Wed, 21 Jun 2017 | ADMINISTRATION
C Marston & Sons (Icklingham) Limited, a Suffolk-based struggling flour mill has been sold in a pre-pack administration.
Steven Law and Adrian Allen of RSM Restructuring Advisory LLP were brought in as the joint administrators to C Marston and D and S Marston Limited, which owns the freehold mill.
Heygates Limited has stepped in to purchase the business for an undisclosed sum, saving 16 jobs as a result. And Throop Milling Limited, a recently set up business, has bought D and S Marston.
The business found itself in administration after the mill had been loss making for some time, as well as being hit by the price of wheat.
“The sale of the assets and property has allowed the milling activities to continue to trade, and has also secured a number of jobs” Mr Law, a partner at RSM said.
“The related transactions also provide the best possible outcome for creditors in the circumstances.”
The mill’s new owner Heygates, has been in the industry since the 19th century, with the Heygate family having farmed since the 1500s in Northamptonshire, the same area the business is based in now.
It runs seven flour mills across three sites, two modern bakeries and 7,500 acres of land.
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