Mon, 03 May 2021 | BUSINESS SALE
Serious Foods, a wholesale food supplier to the restaurant and food service industry, has been rescued from administration after suffering as a result of the impact of the COVID-19 pandemic.
The wholesaler, which has been supplying ingredients to the hospitality and restaurant industry for ten years, has been bought out of administration by First Choice Produce. The buyer is a specialist in fine foods and Michelin star dining, as well as casual dining and catering establishments.
Commenting on the purchase, Dan McCullough, CEO at First Choice Produce, said: "We are pleased to have acquired Serious Foods as it is complementary to our existing business and enables us to increase our warehousing and distribution capabilities to meet the increased demand we forecast once this lockdown period ends."
Serious Foods was initially launched in 2009 as SFD UK. Over the last year, the firm has been forced to move from selling directly to customers to fighting to mitigate the loss of its foodservice clients.
ReSolve was appointed as administrator for Serious Food in early April after the company cited lockdown restrictions as the main contributor to its financial struggles. The administrators also revealed that the wholesaler had experienced cash flow issues that had led to a Company Voluntary Arrangement (CVA), but when these contributions could not be met by the firm it fell into administration.
Ben Woodthorpe, partner at ReSolve, added: "It is particularly pleasing to secure a sale of this business and secure the jobs of all employees at such a testing time for the hospitality sector given the impact of COVID-19. We wish the new owner every success for the future."
Find businesses for sale here.
If you are looking for an exit, we can help!
The business was first established by the owner in 2019, building up an excellent reputation during its time of trading. As seen by some online ratings and reviews, the business is extremely popular within the local area.
LEASEHOLD
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
A long-established business which has been owned and operated by the owners for in excess of 12 years. The premises is well presented throughout, with quality fixtures, fittings and equipment included within the sale price.
FREEHOLD
03
|
Feb
|
Social media marketing firm acquired at up to 41.6x operating profit | BUSINESS SALE
Manchester-based social media and influencer marketing agenc...
03
|
Feb
|
Pub group planning to sell 1,000 sites as pressures on hospitality mount | COMMERCIAL PROPERTY
Stonegate Group, the UK’s largest pub company, is repo...
02
|
Feb
|
Babble hits 12 acquisitions in a year with double takeover | BUSINESS SALE
London-based cloud technology firm Babble has continued its ...
Sign up to receive our acquisition alert emails to get your FREE guide
20
|
Aug
|
Administrators appointed at B2B gas installation platform | ADMINISTRATION
Administrators from business advisory firm ReSolve have been...
18
|
Nov
|
VIP Ski falls into administration | ADMINISTRATION
The parent company of UK-based ski business VIP Ski has anno...
26
|
Apr
|
Administrators appointed for Smartlife smart clothes business | ADMINISTRATION
A wearable tech company established in 2010, with the desire...
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