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."
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