Over 50 jobs saved
Frank Dale Foods Limited based in Bunwell, South Norfolk passed into liquidation on Tuesday 28 February 2017 bringing to an end over 20 years of trading. Andrew McTear of Norwich based business rescue and insolvency specialists was appointed liquidator.
In the run up to liquidation McTear Williams & Wood advertised the business and assets for sale as a going concern.
Liquidator Andrew McTear commented “there was keen interest, we sent out 31 sales packs and six interested parties visited site. One offer stood above the others and I am delighted we were able to conclude a sale of the business and assets on 1 March 2017 to Finedale Foods Limited that should secure future employment for most of the 57 strong work force.
“This will result in a significant dividend to creditors so we see this as a win win outcome.”
Edward Miles, owner and CEO of the newly formed Finedale Foods Limited said “I looked to invest and manage the company prior to the liquidation but the depth of the company’s financial crisis made that impossible. Buying the business and assets out of liquidation made sense and I am delighted to be the successful bidder with support from Angel Investors, the LEP and the local Council who all worked quickly to support the bid”.
“It is early days but we have already restarted production and opening new accounts with customers and suppliers. The team on site are working extremely hard to satisfy a backlog of customer orders and we will continue to build the Frank Dale brand.”