Mon, 10 Aug 2020 | BUSINESS SALE
Samworth Brothers has completed the £6.4 million acquisition of food-to-go brand Urban Eat following the collapse of its former owner, Adelie Foods. The sale comes as part of an asset sell-off, after Adelie collapsed in June when administrators were unable to secure a sale of the business.
Adelie entered administration in May, as reported here, with administrators Deloitte saying the company had experienced a “significant adverse effect” from COVID-19 lockdown.
Administrators were said to have held talks with around 70 potential bidders and were reportedly close to securing a sale for parts of the business. However, this deal fell through due to the threat of Competitions and Market Authority scrutiny, leading to the decision to sell off the company’s assets.
Adelie registered an EBITDA loss over the last three years, with sales of £226 million in the year to February 2020, with losses of £9.3 million. Losses were blamed on pricing pressure in the market, which was then exacerbated by COVID-19 lockdown.
New documents from the administrators have revealed that Adelie owed suppliers, staff and its private equity owner ICG nearly £100 million prior to its collapse. The company’s unsecured creditors are owed £24.3 million across over 700 claims, but are not expected to recoup any money.
Samworth Brothers has also acquired plant and machinery from Adelie’s Southall, West London site for £475,000. Wintherbotham Darby also bought equipment from its Redmoor plant for £750,000, while the Real Wrap Co bought equipment from Adelie’s Wembley factory for £120,000.
Find businesses for sale here.
If you are looking for an exit, we can help!
Explore an exceptional opportunity to acquire a thriving Italian café and restaurant situated in the vibrant town of Surbiton. This esteemed establishment has garnered a strong reputation for its delightful cuisine, and welcoming atmosphere.
LEASEHOLD
This is a great opportunity to purchase a 2020 established and popular fish and chips shop in Jedburgh, with a fantastic customer base and delicious takeaway dishes in a thriving area.
LEASEHOLD
A long-established business specialised in selling quality burger and fries. Their offer appeals to a wide variety of customers across demographics and has resulted in a loyal clientele and repeat business. After achieving considerable success after...
LEASEHOLD
25
|
Apr
|
Ambulance services provider acquired in pre-pack deal | BUSINESS SALE
Elite Emergency Medical Services Ltd (Elite EMS), an ambulan...
25
|
Apr
|
Tile business old to management team by Norcros | MBO/MBI
Johnson Tiles UK, a tile business based in Stoke-on-Trent, h...
25
|
Apr
|
New private equity owner for fleet hire firm | BUSINESS SALE
West Lancashire-based fleet hire business NRG Riverside has ...
01
|
Dec
|
Arcadia collapses into administration | ADMINISTRATION
Sir Philip Green’s Arcadia, the group behind retailers...
15
|
Oct
|
Gourmet Burger Kitchen acquired by Boparan in deal that sees 26 sites close | BUSINESS SALE
Gourmet Burger Kitchen has been acquired by Boparan Restaura...
23
|
Sep
|
Cartwright Group enters administration, but fleet and rental arms are sold | ADMINISTRATION
Commercial trailer manufacturer and rentals firm Cartwright ...
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
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.