British Bakels has acquired icings and marzipan business JF Renshaw Ltd after the business called in administrators.
All Renshaw employees are transferring to Bakels, and the deal is described as having secured the future of Renshaw following the collapse of owner Real Good Food (RGF). Administrators were appointed today (4 December) for RGF and Renshaw, following last week’s announcement by RGF of plans to do so.
This marks the end of another tumultuous time for RGF, which had slashed its workforce by more than 100 staff in September after being battered by soaring costs and reduced revenue. Just weeks ago, it sold off its Rainbow Dust Colours brand to European Fermentation Products, a subsidiary of the Albex Group based in Paisley, near Glasgow.
In a statement issued today (4 December), administrators Interpath Advisory said RGF and Renshaw had 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 the appointment, the administrators sold Renshaw and some of its assets to British Bakels.
“We are delighted that JF Renshaw, internationally known as a top-quality producer of icings and marzipan, has joined the Bakels Group, bringing together two well-known brands with a combined history of close to 250 years,” said British Bakels managing director James Cawthorne.
He added that Bakels looked forward to working with its new colleagues to develop the concept of ‘Renshaw by Bakels’.
Administrator Interpath Advisory said it was pleased to have been able to conclude a deal that enabled trade to continue, and which safeguarded employment for the workforce in Liverpool.