Sunday, March 3, 2024

Jobs secured as baking ingredients manufacturer sold

The future of JF Renshaw Ltd, the manufacturer of food ingredients primarily to the baking sector, has been secured following a sale of the business and its assets to British Bakels Ltd. British Bakels is a member of the Bakels group of companies, a privately-owned international bakery ingredients manufacturer, headquartered in Switzerland.

Rick Harrison and Will Wright from Interpath Advisory were appointed joint administrators to Liverpool-based Real Good Food plc and JF Renshaw Ltd on 4 December 2023.

Real Good Food plc and JF Renshaw Ltd have 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 their appointment, the joint administrators concluded a sale of the business and certain assets to British Bakels. As part of the sale, all employees transferred to the purchaser.

James Cawthorne, Managing Director of British Bakels, said: “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. We look forward to working with our new colleagues to develop the concept of ‘Renshaw from Bakels’.”

Rick Harrison, Managing Director of Interpath Advisory and joint administrator, said: “With a heritage dating back 125 years, JF Renshaw is well known for its range of baking ingredients and cake decorations. We’re pleased to have been able to conclude this transaction which will enable trade to continue, and which safeguards employment for its workforce in Liverpool.”

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