Tue, 05 Dec 2023 | BUSINESS SALE
JF Renshaw, a manufacturer of food ingredients, has been sold out of administration to an international bakery ingredients group. Liverpool-based Real Good Food plc and JF Renshaw Ltd fell into administration on December 4 2023.
Rick Harrison and Will Wright of Interpath Advisory were appointed as joint administrators to the companies and concluded a sale of JF Renshaw’s business and assets to British Bakels Ltd, a subsidiary of the Bakels group.
Real Good Food plc and JF Renshaw Ltd, which primarily manufacture food ingredients for the baking sector, had been hit by adverse trading conditions. Directors undertook a strategic review to determine options for the company, including a potential sale of the business and assets or shares of JF Renshaw and possibly seeking external funding.
However, given the limited timeframe the business faced, it was decided it would not be possible to conclude a solvent transaction, leading to the directors seeking the appointment of administrators. Immediately upon their appointment, the joint administrators completed a sale JF Renshaw’s the business and assets, with all employees transferring to British Bakels as part of the deal.
British Bakels Managing Director James Cawthorne commented: "We are delighted that JF Renshaw, internationally known as a top quality producer of icings and marzipan, has joined the Bakels Group, bringing together two well-known brands with a combined history of close to 250 years. We look forward to working with our new colleagues to develop the concept of ‘Renshaw from Bakels’."
Joint administrator and Interpath Advisory Managing Director Rick Harrison said: "With a heritage dating back 125 years, JF Renshaw is well known for its range of baking ingredients and cake decorations. We’re pleased to have been able to conclude this transaction which will enable trade to continue, and which safeguards employment for its workforce in Liverpool."
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