Mon, 08 Jan 2024 | ADMINISTRATION
Administrators are seeking to sell Keelham Food Hall in North Yorkshire as a going concern, following its sudden closure at the end of last year. Jonny Marston and Lyn Vardy of professional services firm Alvarez & Marsal Europe LLP were appointed as joint administrators of the food hall and restaurant on January 5 2024, following its closure on December 28 2023.
The business, which is based in Skipton, sells local produce in its food hall, serves meals from a restaurant, features an on-site baker and butcher and also operates an online food store. Cost-of-living pressures, food inflation and high interest rates were blamed for the business’ closure.
In a statement, the business said it had not "been able to attract enough regular shoppers to cover the ever-increasing fixed overheads of the store and create a viable business moving forward". It is currently not trading while a sale process is undertaken by the joint administrators, who say there has already been interest in acquiring the company.
Joint administrator Jonny Marston commented: "The business has experienced financial difficulty in recent months as a result of cost inflation, which ultimately led to cashflow problems and the business ceasing to trade last week.”
"The joint administrators' priority is to explore options to sell the business as a going concern and have already been made aware of interest from several parties. Interested parties are invited to register their interest directly."
Prior to its recent struggles, the business had seen relatively strong performance in the wake of the COVID-19 pandemic. In its accounts for the year ending January 30 2022, Keelham Farm Shop Limited reported turnover of £8.6 million, slightly up from £8.5 million a year earlier, while cutting its post-tax losses from £562,401 in 2021 to £77,308.
At the time, the company’s fixed assets were valued at £5.4 million and current assets at £761,590, with net assets amounting to £837,488.
Due diligence is always a vital part of M&A, but even more so when acquiring distressed businesses
This is a tremendously profitable freehold main road retail bakery. It has been in the same ownership for some 18 years. Consistently highly profitable, the property also includes self-contained living accommodation on the upper floors.
FREEHOLD
Established business with a unique concept, multiple income streams, and significant growth potential. This is a rare opportunity to acquire a highly successful premium butcher and beverage emporium in Newcastle, boasting a proven track record and im...
Presenting for sale a well-established motor factor business located on the outskirts of Huddersfield, boasting over 50 years of successful operation. This business has earned a prominent reputation in a vibrant community and is well-positioned for c...
LEASEHOLD
04
|
Apr
|
WPP buys data collaboration platform InfoSum | BUSINESS SALE
WPP has bought data collaboration platform InfoSum to boost ...
03
|
Apr
|
Whitworths Food Group buys oils group KTC Edibles | BUSINESS SALE
Northamptonshire-based Whitworths Food Group is buying KTC E...
02
|
Apr
|
NVM exits travel tech firm Intuitive with Banyan Software deal | BUSINESS SALE
Banyan Software has bought a technology provider of end-to-e...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.