55 Jobs Saved As Pet Food Business Sold Out Of Administration
After a short period of concerted marketing, Devon pet food specialist Forthglade Ltd, which was placed in Administration on September 13 2011, has been sold as a going concern to Forthglade Foods Ltd. The sale means the best possible outcome for creditors and preserves 55 jobs.
Ian Walker and John Kelly of corporate rescue and recovery specialists Begbies Traynor were appointed Administrators after H M Revenue and Customs petitioned for the Company to be wound up for debts in the region of £250,000. As a result of the sale the well-known name and brand will continue to operate from Winkleigh in Mid-Devon. Supplies will be maintained to the national and international pet food wholesalers and retailers who depend on the quality product.
The administrator, Ian Walker, Partner in the Exeter office of Begbies Traynor, said, “I am delighted that we have been able to save this well established Devon business and 55 jobs. During perilous economic times this is a welcome piece of good news for the region - and for Winkleigh.”
Director and site manager of Forthglade Foods Limited, Chris Brooking said, “We are very excited about the future here. Our strategy will see the business go from strength to strength. We are delighted to be able to continue to provide employment at our base in Winkleigh and we will maintain the business’s commitment to produce quality products for local, national and international customers.”
Ian joined Begbies in 2000 from Pannell Kerr Forster after practicing insolvency for the previous 20 years with Big Four firms. A member of R3 and a Fellow of the Institute of Chartered Accountants in England & Wales (from which he also takes his Insolvency Licence, he is currently a member of the ICAEW Investigation Committee. Over the years, Ian has dealt with all types of insolvency and at least three recessions. Currently, his practice based in Exeter and Plymouth covers the whole of Devon & Cornwall (including the Scilly Isles), together with as much of Somerset and Dorset as he can get away with! He deals with all types of personal and corporate insolvency and also concentrates on pre- and post-lending review work for all the major lending institutions.