Rick Harrison and Will Wright from Interpath Advisory were appointed joint administrators to JF Renshaw and its parent company Real Good Food on 4 December 2023, but the future of JF Renshaw has now been secured with its sale to British Bakels, part of the Swiss-based bakery ingredients group Bakels.
The sale was completed immediately after the administrators were appointed, with the jobs of 187 JF Renshaw employees being transferred over to British Bakels as part of the deal.
Real Good Food and JF Renshaw had both been impacted by the challenging trading conditions facing many food and drink firms, which prompted the directors to look into the sale of the business and its assets.
Speaking when the decision to appoint administrators was taken, a spokesperson said: “Given the impact of the current operating environment on the group, the group's limited working capital position and the consequential uncertainty regarding the group's financial position, the board and the JF Renshaw board have each concluded that it is required to take the necessary steps to preserve value for creditors.”
This news comes not long after the announcement that Real Good Food had sold its Rainbow Dust brand to Albex Group for £800,000.
British Bakels ‘delighted’ with acquisition
Reacting to the purchase, managing director of British Bakels James Cawthorne commented: “We are delighted that JF Renshaw, internationally known as a top quality producer of icings and marzipan, has joined the Bakels Group, bringing together two well-known brands with a combined history of close to 250 years. We look forward to working with our new colleagues to develop the concept of ‘Renshaw by Bakels’.”
Meanwhile, Harrison, who is the managing director at Interpath Advisory, said that JF Renshaw retains heritage within baking and ingredients and cake decorations that has been built up over the past 125 years.
“We’re pleased to have been able to conclude this transaction which will enable trade to continue, and which safeguards employment for its workforce in Liverpool,” Harrison added.