Mon, 14 Jun 2010 | ADMINISTRATION
Buyers are urgently being sought for an Exeter-based hot drinks business which has entered administration after accumulating millions of pounds worth of debt.
Simply Coffee Ltd was hailed in 2007 as one of the country's 10 best new businesses in the HSBC Start-Up Stars Awards, but racked up £2 million of debt to fund rapid expansion.
David Kirk, of insolvency practitioners Kirk Hills, has been appointed its administrator and will continue to trade the company while buyers are sought.
He said, "I have arranged £100,000 of finance and will continue to trade the business with the objective of maximising the return to creditors and will be speaking with interested parties over the coming weeks to achieve a successful sale."
Approximately half the company's 25-strong workforce have been made redundant, may of which were based at its Mamhead Castle headquarters. Kirk said he hoped to secure the employment of the 12 remaining staff and said interest from buyers had already been strong.
The company has a broad client base including Tesco, Murco service stations, the Co-op and Somerfield. Its technicians service beverage machines at more than 550 sites throughout the UK, mainly convenience stores and petrol stations.
The company had only recently secured a £3 million three-year deal to provide for the Murco chain of petrol stations around the country. It would have seen Simply Coffee-run machines installed at 130 of its forecourts.
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