Restructuring deal for Doff Portland

DOFF Portland, the gardening supplies business acquired by Manchester-based b7 Ventures last month, has restructured debts of £6m through a company voluntary arrangement.

Creditors of the Nottingham-based firm, which supplies items such as weedkiller, slug pellets and lawn feed, have agreed to accept 20p in the pound.

The deal was approved on January 8 by more than 95% of trade creditors.

The acquisition of Doff Portland was b7’s first acquisition. The investment vehicle was set up by Ben Shapiro and Richard Shonn.

Mr Shonn said: “We have reassured Doff’s customers that the restructuring process has not affected its ability to supply. We are now looking forward to continuing strong ongoing relationships with the vast majority of suppliers who have supported the CVA proposals.”

Advisors on the deal included the Manchester and Leeds offices of Leonard Curtis who will be the supervisors of the CVA and the debt advisory and restructuring team of Shoosmiths in Birmingham.