Recovery specialists confident of early sale of fruit and vegetable business

RECOVERY specialists are hopeful of securing a quick sale of a £6.5m turnover fruit and vegetable business following the premature death of its founder.

Cranfield Business Recovery is acting as administrative receivers for Joe Richards’ business, which includes 11 stores across the West Midlands and a warehouse and employs around 100 staff.

The founder and sole director of the business, Joe Richards died late last month at the age of 46 and Tony Mitchell and Brett Barton, of Cranfield, have been appointed by the company’s bankers to arrange a sale of the business.

They have already had interest in more than half the stores across the region.
Mitchell said: “Joe Richards had built-up a considerable business which he founded in 1994 and had built it into a £6.5m turnover company by the time of his premature death.

“It is clear that the founder was the main driver of the business and the administrative receivers are keen to conclude a sale.

“The business had developed a high-quality reputation and there has been extensive goodwill shown from suppliers and customers in the weeks after Mr Richards’ death.”

He said he and his colleague would be working to achieve a prompt disposal of the business and were now talking to interested parties, especially those interested in acquiring more than one store.

The stores are located in Earlsdon, Cheylesmore, Shirley, Erdington, Tamworth, Lichfield, Sheldon, Coventry, Kenilworth and Harborne, while the company’s warehouse is in Birmingham.