Fifty jobs saved as export specialist is bought out of administration
A firm which specialises in selling British products to expats across the world has been sold out of administration.
The deal, which saw British Corner Shop Limited sold to private equity firm Rcapital, resulted in 50 jobs being saved.
British Corner shop, which is based in Yate in South Gloucestershire, was launched in 2004 and sells more than 6,000 products to people across the world.
The company faced a series of challenges as a result of Brexit and the pandemic.
FRP restructuring advisory partner Andrew Sheridan and director Jonathan Dunn were appointed administrators.
Within a matter of days they completed the sale of the company to Rcapital.
The sells its products using its own direct to consumer operations and through online marketplaces.
The company operates from a head office and warehouse facility in Yate and a distribution hub in the Netherlands.
The deal, which includes the UK operations and the share acquisition of British Corner Shop’s Dutch subsidiary, ensures the transfer of all 28 jobs in the UK and 23 jobs in The Netherlands.
Rcapital will continue to trade British Corner Shop as it supports the long-term recovery of the business.
Jonathan Dunn, said: “British Corner Shop has been a well-known growth story here in Bristol and is relied upon by more than 600,000 expats around the world for a taste of home.
“While Brexit and COVID had considerable impact on the business and its ability to keep trading, the proposition has strong fundamentals.
“The accelerated M&A process has provided investment for business as Rcapital looks to realise the business’ potential.
“We would like to thank chief executive Tom Carroll and financial director Nicky Walton for their considerable assistance through this process and wish them and the business all the best in this new partnership.”
Chris Campbell, Partner at Rcapital, said: “Rcapital’s investment offers British Corner Shop an exciting opportunity to build its global expat market share by capitalising on its strong brand, worldclass technology platform and distribution network.
“Our financial expertise will support the management team as they take the business into a new phase of growth and development.”
Tom Carroll, chief executive, British Corner Shop, said: “Today marks a new phase in the sustainable growth of British Corner Shop. With Rcapital’s investment and expertise, we can consolidate our market-leading position, build our global customer base, and, as a result, help our valued suppliers expand their markets.”
FRP were advised by TLT LLP, Gordon Brothers and Metis Partners. Various HSBC Bank entities have registered charges against the company.