Jobs saved as animal feed firm is sold out of administration

A South West producer and seller of horse feed has been sold out of administration, saving seven jobs.

The Pure Feed Company, based in North Somerset, had been placed into administration last month after being hit by a combination of challenges which left it unable to trade.

Having survived disruption caused by the pandemic, the business faced unprecedented rises in raw materials, coupled with a shortage of supplies caused by the war in Ukraine. It also had to deal with additional costs from a huge hike in energy prices.

But after working through these challenges, one of their major suppliers subsequently imposed a significant change in trading terms, causing critical cash flow issues, and the company was placed into administration in early November.

Paul Wood and Simon Haskew, partners at business recovery specialists Begbies Traynor, were appointed joint administrators on November 23.

After reviewing the company’s financial situation, they decided that selling the business out of administration would provide the best outcome for creditors, as well as saving the jobs of the seven members of staff at Pure Feed.

Paul Wood, said: “The company spent years establishing its reputation through a dedicated team of equine professionals who are experts in animal science and nutrition.

“It had grown steadily to a turnover of £2.1m before getting into difficulty, and finding a buyer means the business will be able to continue to supply feed for everything from rescue animals to Olympic champions.”

Pure Feed has been sold to Parakore Ltd, which is headed up by managing director Chris Spratling.

He said: “The level of knowledge and expertise amongst the team, together with a continued market demand for high quality horse feed, makes us optimistic for the future. Horses and owners love the products, and our intention is to build on a strong customer base to grow the business across the UK and beyond.”

Pure Feed was set up more than ten years ago, and transitioned from a predominantly online brand to become available through national distribution channels, retail outlets and wholesalers.

As it continued to grow, it became a leader in the fibre-based, convenient and cost-effective complete feed category.