Wed, 13 Mar 2024 | BUSINESS SALE
A hydroponic nursery site in Chichester has been acquired, approximately 11 months after its owners fell into administration. The 8.22-acre Leythorne Nurseries site, which produces lettuce and herbs, has been sold out of administration by property consultancy Savills and specialist asset advisory firm SIA Group on behalf of joint administrators from FRP Advisory.
Steve Baluchi and Philip Armstrong of FRP Advisory were appointed as joint administrators of Fresh Willow Ltd and Madestein (UK) Ltd on April 11 2023. The joint administrators continued to trade the businesses in the meantime to ensure supply continuity while exploring available options, engaging SIA and Savills to jointly handle the sale process.
The nursery site has now been sold out of administration for an undisclosed sum to Fresca Group, the majority-owner of East Kent’s Thanet Earth - the UK’s leading glasshouse complex. The deal is part of Thanet Earth’s move into the production of leafy salads and the new venture will trade as Thanet Earth Lettuce.
Leythorne Nurseries is an 8.22-acre site comprising approximately 290,000 sq ft of glasshouses. The site’s deep flow, hydroponic system will enable Thanet Earth Lettuce to produce lettuce under glass 12 months a year.
Joint administrator Steve Baluchi said: "Leythorne Nurseries has served a number of the UK’s leading supermarkets, and following its acquisition by Fresca, it provides an opportunity for the site to provide a thriving business that drives value for the local community as well as further afield."
Ian Simpson, Director of Savills’ leisure and trade-related team, added: "A good level of interest was generated in the availability of these two modern glasshouses, and we wish Fresca all the best for the future in their new premises."
Fresh Willow Ltd and Madestein (UK) Ltd were among the UK’s most well-established salad growers, with more than 40 years’ experience. They specialised in glasshouse-grown lettuce and herbs, using advanced hydroponic growing processes. Clients included wholesalers, retailers and food service businesses and the companies were the sole suppliers of curly leaf lettuce to several leading UK supermarket chains.
The companies fell into administration last year after a proposal for a new glasshouse development was unsuccessful. Significant investment had been poured into this project and its failure, combined with rising energy costs and labour issues, meant the companies were unable to meet their financial obligations and were forced into administration.
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