Administrators sell cake ingredients firm to Swiss group saving 200 jobs
The future of Liverpool-based cake ingredients company JF Renshaw Ltd, and around 200 jobs, have been secured following a sale of the business and its assets to British Bakels Ltd, for an undisclosed sum.
British Bakels is a member of the Bakels group of companies, a privately-owned international bakery ingredients manufacturer, based in Switzerland.
Rick Harrison and Will Wright from Interpath Advisory were appointed joint administrators to Liverpool-based Real Good Food and JF Renshaw today, December 4, 2023.
Real Good Food and JF Renshaw have been adversely affected by challenging trading conditions.
In response to these challenges, the directors sought to undertake a review of their strategic options, including a potential sale of the shares or the business and assets of JF Renshaw, as well as sourcing external funding.
Given the limited timeframe available, it became clear that it would not be possible to conclude a transaction on a solvent basis and as such, the directors took steps to seek the appointment of administrators.
Immediately following their appointment, the joint administrators concluded a sale of the business and certain assets. As part of the sale, all employees transferred to the purchaser.
James Cawthorne, managing director of British Bakels, said: “We look forward to working with our new colleagues to develop the concept of ‘Renshaw from Bakels’.”
Rick Harrison, managing director of Interpath Advisory and joint administrator, 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.”
Real Good Food issued a Notice of Intention to appoint Administrators and suspended trading in its shares on November 29.
Following the appointment of joint administrators Cavendish Capital Markets informed Real Good Food of its intention to resign as nominated adviser and broker with immediate effect.
Real Good Food’s shares remain suspended from trading and pursuant to AIM Rule 1, if a replacement nominated adviser is not appointed within one month, the admission of the company’s shares to trading on AIM will be cancelled. The company said it has no intention of appointing a replacement nominated adviser.