Fri, 05 Apr 2024 | BUSINESS SALE
The intellectual property of global food retailer British Corner Shop has been acquired out of administration. The Bristol-based retailer, which sold more than 6,000 British food brands to customers and UK expats around the world, had suffered in the face of sustained financial difficulties, which meant it was unable to meet its liabilities.
The company, which was founded in 2004, had previously fallen into administration in March 2023, due to a combination of COVID-19 and Brexit-related headwinds, before being acquired by Rcapital the same month.
However, even after this rescue, the company suffered “ongoing financial challenges” relating to Brexit and the pandemic. As a result, the firm fell into administration for the second time in less than a year on January 2 2024.
Jonathan Dunn and Matthew Whitchurch of FRP Advisory were appointed as joint administrators. Upon their appointment, all 20 employees were made redundant and the business ceased trading.
The joint administrators have now concluded a sale of the business’ intellectual property to UK Food Brokers Limited, a subsidiary of property company Magna Homes. Magna Homes is seeking to diversify into the ecommerce market and, following the acquisition, is also planning to set up a new distribution centre in the North East of England.
Announcing the acquisition, Magna Homes director Harvey Hayer said that the company was “actively looking for further opportunities within the sector.”
Hayes added that the group was also “expanding its fast growing housebuilding and construction divisions” and was continuing to acquire development sites, with the company on track to develop an additional 200 family homes over the next two years.
Click here to download our free guide on finding and buying distressed businesses and assets
Click here to read BSR's full report on acquiring intellectual property assets
Established in 1956, this family-owned business specialises in quality used cars and 4x4s, serving customers across the UK. Over the decades, it has built a strong reputation for exceptional customer service, reliability, and consistently positive re...
LEASEHOLD
Presently seeking interested parties in a growing South Yorkshire artisan bakery offering multiple sites.
Presently seeking interested parties in this business sale for a garden and greenhouse equipment supplier.
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.