Flour millers Whitworth Bros Ltd has acquired the assets of independent miller Smiths Flour Mills.
On Tuesday 31 January, three partners from corporate advisory and restructuring experts Zolfo Cooper were appointed joint administrators of Smiths Flour Mills, Sage Acquisitions Limited and Corndon Limited (the Group).
Whitworth Bros has agreed to purchase the assets of Smiths Flour Mills, which includes its mills in Worksop and Langley Mill, in Nottinghamshire, and Holbeach in Lincolnshire.
The Group is one of the largest independent flour millers in the UK. It employs around 130 staff across its three sites, and produces flour and cereal ingredients based on wheat, maize and rice.
Family-owned Whitworths in Northamptonshire said its first priority was to ensure the continued supply of milled products to its customers.
As reported on www.creditman.co.uk, following a challenging period within the sector, and with high levels of competition impacting profitability the Group came under significant financial pressure which has led to it being placed in administration.
It is believed all staff will transfer across to Whitworth Bros and the business will continue to trade as normal.