Fri, 02 Oct 2015 | ADMINISTRATION
A food business in Merseyside has been bought out of administration for an undisclosed sum.
Kapak Foods was pushed into administration on 1 October after struggling with cashflow issues. Despite strong sales and a positive move into a new premises in 2013 the firm was simply unable to overcome the severe financial difficulties in sufficient time.
Administrators from FRP Advisory, including Ben Woolrych, were appointed to handle matters and were able to very quickly secure a sale for the business.
Mr Woolrych commented: “We’re delighted to have secured the future of this key North West business, preserving the 150 jobs and providing continuity of supply for its loyal customer base. We wish Foodpack Limited and everyone involved in it every success for the future.”
The business was sold to Foodpack Limited almost immediately. The buyers were backed by North West investor and adviser Seneca Partners, along with £7.5 million funding from Secure Trust Bank.
Tim Murphy and Richard Manley from Seneca Partners said that they have “every confidence” in the company's development.
Kapak was founded 16 years ago and counts household food and beverage companies among its customers. The company's most recent accounts recorded a turnover of £17 million.
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