Wed, 15 Jan 2014 | ADMINISTRATION
The future of Derby wholesaler and catering supplier Sohal Foods Ltd, is looking more positive after Hyperama Plc bought it out of administration.
Hyperama, which has three cash and carries in the Midlands, beat the other bidders to purchase the business and assets of Sohal Foods from administrator Dean Nelson of Smith Cooper on 7 January.
Trading for 30 years, Sohal had been hit by cash flow difficulties and a subsequent reduction in its margins. The administrator Mr Nelson was asked to market the business as a going concern, and received many expressions of interest and two formal offers.
Sohal supplies food, drinks and catering supplies to restaurants, takeaways and licensed trade throughout the East Midlands.
The deal has secured Sohal’s 30 employees’ positions. Hyperama is to keep the Derby business as it is, adding it to its existing operations in Nottingham, Peterborough and West Bromwich, and is planning additional investment.
Hyperama’s managing director Marcus Singh said the management team are happy to welcome the newly acquired business and will focus on growth through “introducing our better buying power and range into Sohal Foods while incorporating their outstanding customer service and delivered offering into Hyperama”.
“Rather than cutting costs, we are keeping on all staff and will be investing heavily into the business infrastructure to give it the necessary impetus,” he added.
The administrator benefited from the assistance of Rachel McCahill-Brown of law firm Nelsons Solicitors in the sale.
___________________________________________________________________________
Related information:
Now is the time to buy a business
Latest Businesses in Administration
The company offers a one-stop-shop solution for commercial and domestic cleaning needs. Its extensive service offering includes, but is not limited to, home, school, office and crime scene cleaning.
LEASEHOLD
Highly regarded business operating over a span of 22 years. Manufactures, supplies and installs a comprehensive range of bedroom and bathroom furniture for prestigious housebuilders.
LEASEHOLD
A reputable business successfully operating for five years with continued growth. Offers dedicated temporary and permanent recruitment services to key market sectors, including hotels, grounds maintenance and warehousing and distribution.
LEASEHOLD
|
07
|
|
May
|
Kerv makes fifth acquisition with cloudThing takeover | BUSINESS SALE
Managed services provider Kerv Group has completed the acqui...
|
06
|
|
May
|
Business travel firm acquires Leeds-based counterpart as sector eyes recovery | BUSINESS SALE
Business travel management firm Good Travel Management has a...
|
05
|
|
May
|
Software company to be acquired at 11.5x multiple | BUSINESS SALE
Listed software firm Proactis Holdings has agreed to be acqu...
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