Fri, 31 Jul 2020 | ADMINISTRATION
Foodservice supplier Baraka Foods, which supplies well-known brands such as Domino's Pizza, has entered administration. It may still able to be sold to a buyer in a stripped-down state.
The announcement has come as many food businesses highlighted the country-wide shutdown of the hospitality industry during the Covid-19 pandemic as a source of significant financial pressure.
Baraka Foods first launched in Wales in 1989, and now supplies a number of the nations biggest retail chains including Wagamama, Mitchells & Butlers and P&O Ferries, most of which have had experienced massive drops in sales during the coronavirus crisis. Baraka Foods also supplied cooked meat lines to many restaurant customers such as Angus Steakhouse, Benugo and Las Iguanas.
However the business, based in Mid Glamorgan, has now been forced to appoint administrators from recovery firms Carter Clark and Leonard Curtis on 20 July 2020.
Commenting on the announcement, Baraka owner Charles Newham said that the decision was a "tragedy" for the firm. He said: "Baraka Foods has gone into administration, with the loss of all jobs. This is a tragedy, as Baraka Foods moved to the Rhondda in 1992 with one employee. Many of our staff of 84 have worked together for decades." Mr Newham added that his team has been instrumental in building the business.
In a bid to revive its business, Baraka rebranded in 2018 and also invested in the expansion of its premises in anticipation of much-needed growth in the future.
Despite facing difficulties in recent times, the annual revenues at the firm reached £9.3 million in the year ending 30 November 2018, according to recent reports from Companies House.
An opportunity has arisen to acquire a company that procures pork from a range of suppliers and cuts the products to the specific requirements of clients.
FREEHOLD
This is a rare opportunity to acquire a well-known traditional English fish and chips takeaway situated in the popular town of Newton Abbot.
LEASEHOLD
This Indian Restaurant is a well-established renowned reputation amongst local residents. This is a superb opportunity to take on a local business in a densely populated residential area.
LEASEHOLD
|
19
|
|
Jan
|
SA Brain close to sale of approximately 100 pubs for £100m, as sector's M&A surge goes on | BUSINESS SALE
Welsh brewer SA Brain is reportedly close to selling a portf...
|
18
|
|
Jan
|
Victoria lines up acquisitions after £150m investment | BUSINESS NEWS
Kidderminster-based flooring firm Victoria Plc has announced...
|
17
|
|
Jan
|
Buyer sought as precision engineering firm enters administration | ADMINISTRATION
First Components, a precision engineering firm based in Brie...
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