Mon, 10 Aug 2015 | BUSINESS SALE
An independent, £6.5 million turnover greengrocer chain is up for sale after its founder's sudden death last month.
Cranfield Business Recovery, the administrative receivers in charge of the sale, are confident of a quick disposal. Entrepreneur Joe Richards had built up the fruit and vegetable retail business to a total of 11 stores and with 100 staff by his time of passing at age 46. Mr Richards was found dead at his home in Coventry in July.
The shops are located in Erdington, Tamworth, Lichfield, Sheldon, Coventry, Kenilworth, Earlsdon, Cheylesmore, Shirley and Harborne, while its warehouse is in Birmingham. There has already been interest in over half of the stores the administrators say.
Mr Richards set up the business following five years in the army, and has flourished where rival greengrocers have had to close down, buckling under the pressure of the post-credit crunch difficult trading conditions.
Cranfield was brought in by the company's bankers to conduct a sale of the business. Tony Mitchell, of Cranfield, said: “It is clear that the founder was the main driver of the business and the administrative receivers are keen to conclude a sale.
“The business had developed a high-quality reputation and there has been extensive goodwill shown from suppliers and customers in the weeks after Mr Richards’ death.
“We will be working to achieve a disposal of the business and wish to talk to any interested party about them acquiring one or more of the stores.”
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LEASEHOLD
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