London-based financial advisory firm ReSolve has confirmed the sale of the business and certain assets of whole food supplier Serious Foods
Business administrator ReSolve in the UK has confirmed the sale of the business and certain assets of Serious Food, an established supplier of ingredients to the hotel and restaurant industry. Slough, Berkshire-based Serious Food was established ten years ago, and today it is a well-renowned supplier of foodstuffs to the hospitality and education sectors.
Serious Foods reported that, due to the Covid-19 pandemic having a particularly devastating effect on the sectors that were the company’s primary customers, it experienced cash flow challenges leading initially to filing for a company voluntary arrangement. When contributions could not be met, ReSolve was appointed administrators.
Ben Woodthorpe, partner at ReSolve, commented: “It is particularly pleasing to secure a sale of this business and secure the jobs of all employees at such a testing time for the hospitality sector given the impact of Covid-19. We wish the new owner every success for the future.”
The business and certain assets have just been sold to First Choice Produce, a purveyor of speciality fine foods to Michelin star and fine dining restaurants as well as casual dining and event catering establishments, securing the future of all employees.
Dan McCullough, chief executive of First Choice Produce, said: “We are pleased to have acquired Serious Foods as it is complementary to our existing business and enables us to increase our warehousing and distribution capabilities to meet the increased demand we forecast once this lockdown period ends.”
Date published: 29 April 2021