West Bromwich-based Turners of Bond Street approached insolvency firm CVR Global to act as liquidator.
CVR partners Craig Povey and Richard Toone acted as joint-liquidators and sold the assets of the company to local entrepreneurs Paul Atkins and Paul Moore.
The company will continue to trade as Turners of Bond Street. Peter Turner, who had previously served with the business for 40 years, was appointed non-executive director.
Former owner Rob Sessions, who bought the business in 2014, has left Turners.
Soaring import costs
Craig Povey, from CVR Global’s Birmingham office, said Turners of Bond Street ran into financial difficulty, partly due to soaring import costs of raw materials.
Why Turners entered liquidation
“The business was struggling, partly because of Brexit as it saw an increase of 20% in importing pricing and we were called in to liquidate the company,”
- Craig Povey, CVR Global partner
“The business was struggling, partly because of Brexit as it saw an increase of 20% in importing pricing and we were called in to liquidate the company,” said Povey.
“We’re pleased to have been able to move quickly to find new owners and to secure a sale of the assets of the company and save all 13 jobs.
“Paul Atkins and Paul Moore will be making further investment into the company to take the business forward, with the aid of Peter Turner.”
Turners’ next step is to expand into new markets, according to new owner Paul Moore. “We’re delighted to have completed this deal and look forward to growing the business,” said Moore.
“We believe there are good opportunities to expand further in the artisan market and build on Turners of Bond Street’s strong reputation and enable the business to thrive for many years to come.”
Established in the 1930s, Turners of Bond Street produces a range of Bacon products. It supplies to small supermarkets and foodservice customers.
Meanwhile, meat firm Cranswick has boosted its pig processing capability with the acquisition of Dunbia’s Northern Ireland pork business for an undisclosed sum.
Cranswick ceo Adam Couch said the acquisition strengthened the firm’s UK pork processing business and provided it with greater control over the supply chain.