Brown Bear operated as a food packaging business from leased premises in Cwmbran, Gwent, having acquired the business from Q Cold Limited (in administration) in 2013.
In response to the trading losses incurred since the inception of Brown Bear and the receipt of a winding-up petition, the director instructed Baker Tilly to advise the company on the next steps. As it was clear the business was insolvent, following a director’s application for an administration order, the Chancery Court appointed Damian Webb as provisional liquidator on 10 April 2014. Following an accelerated disposal process, the trade and assets of the business were sold to Eurofoods on the 11 April 2014.
There were no job losses, with all 10 permanent employees and approximately 30 full-time agency staff transferring to Eurofoods.
“This is a good result for all parties,” said Damian Webb. “The rapid sale of the business has ensured that approximately 40 jobs have been saved and all the key customer contracts have been maintained. The sale to Eurofoods is also great news for the local community, as the company is looking to invest in the site, and it is anticipated this will create further employment opportunities in the future.”
Source: Baker Tilly
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