Mon, 24 Apr 2023 | ADMINISTRATION
Online meat retailer Farmison has been acquired out of administration, with the business set to restart trading over the coming weeks. The Ripon-based online butchery firm fell into administration and ceased trading earlier this month after running into cashflow difficulties following significant operational investment.
FRP Advisory’s Arvindar Jit Singh and Ben Jones were appointed as joint administrators to the business on April 6 and have now secured a sale of the firm to a consortium led by former Asda CEO Andy Clarke and Chilli Marketing co-founders Gareth Whittle, Christian Barton and Kieron Barton.
Following the acquisition, the consortium said it expects to reopen Farmison’s website over the coming weeks and will provide updates on its plans to suppliers and customers “in due course”. During the administration, the majority of the company’s 75 staff were made redundant and the new owners have said they intend to return the company to being “an important employer” in Ripon.
Andy Clarke, who will become Farmison’s new Executive Chairman, commented: “While unable to navigate the economic difficulties of the last 12 months, [Farmison founder] John Pallagi’s ‘eat better meat’ mission that sits at the heart of Farmison’s business, is one we believe has significant potential for growth."
Clarke, who said he was “very excited about Farmison’s prospects”, continued: “We have an opportunity to scale this business and further develop both its direct-to-consumer and wholesale plans, building on the ethos and values of what Farmison stands for.”
“Nevertheless, there is much work to do to get the business back on its feet and trading again – not least re-engaging with Farmison’s important network of farmers across the region and re-employing colleagues.”
“In the short-term, our goal is to bring financial stability to the business, and we’re committed to re-energising Farmison’s long-term vision so it can take advantage of the growth opportunities that are undoubtedly available to it.”
Joint administrator and FRP partner Arvindar Jit Singh added: “We are thrilled to have been able to secure a buyer for Farmison who is able to recommence trading and bring jobs back to Ripon.”
“There had been significant interest in purchasing the business and assets of Farmison and a number of serious offers had been put forward in recent weeks, but the proposal from the consortium provides the best opportunity of both re-establishing the business and maximising returns to creditors. We wish the team every success as they take the business forward.”
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