Thu, 26 Apr 2012 | ADMINISTRATION
A sale has been secured for three Bradford-based food businesses, saving almost 100 jobs.
Pakeezah Superstores, Pakeezah Meats and Pakeezah (Girlington) appointed Gareth Rusling and Chris White from The P&A Partnership as joint administrator of the firms earlier this month.
However, the businesses were sold by the administrators almost immediately, with asset consultants Charterfields conducting the negotiations. Hotlinks Networks, a company set up by one of the previous directors, Tariq Haq, bought the business.
Mr White confirmed the purchase: “As a result of the deal all jobs at the two food stores and halal meat processors have been saved. The three businesses together had sales of more than £14 million last year but unfortunately got into financial difficulties because of significant cash flow problems.
“The administrators are writing to all creditors to inform them of the sale.”
Accounts from the company show that pre-tax profits for the year to 1 January 2011 dropped to £9,929 from £590,000 in the previous year, despite a 12 per cent rise in sales. One-off costs of launching additional divisions of the business were blamed for the drop in profits, along with bad debts.
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