Shaken but saved
A global milkshake brand based in Bournemouth has been rescued by corporate recovery specialists Begbies Traynor. Partners Julie Palmer and Mark Fry were appointed as administrators of Shakeaway Ltd and Shakeaway Worldwide Ltd. Shakeaway commenced trading in 1999 from its first milkshake bar in Bournemouth. Over the years the operation grew to 55 owned and franchised stores in the UK with overseas stores in Cyprus, Australia and Abu Dhabi. Shakeaway captured a niche teen market to establish a national and growing international brand. Turnover for the year to June 2010 was £4.6 million, up on June 2009’s figure of £3.7 million. Julie Palmer said: “More recently the downturn in the economy generally and the decline in retail meant the business needed an equity investment to keep trading. “This was not available and in view of growing pressure from the landlords, the business was restructured via an immediate sale out of administration to SPN Acquisitions headed by Peter Dickson for an undisclosed sum. Begbies Traynor has been successful in selling 15 of the owned stores together with the 25 franchise stores. Trading will continue under the Shakeaway brand. Julie Palmer added: “This was a complex transaction due to the myriad of property issues that was completed quickly to ensure that this well established brand can survive and prosper.” The stores transferred to the new buyer include Bristol, Bournemouth, Brighton, Bury St Edmunds, Carlisle, Croydon, Fareham, Harrow, Kings Lynn, Plymouth, Scarborough, Windsor, Watford, Bath, Reading and two in Southampton.
Julie is a law graduate who qualified with Price Waterhouse in 1994. Julie joined Smith & Williamson in 1997 and became a partner in 2001. With Mike Stevenson, Julie set up Middleton Partners offices in Salisbury and Southampton, both of which are now part of Begbies Traynor.
Julie is a member of the Insolvency Practitioners Association and the None Administrative Receivers Association and is a Fellow of The Association of Business Recovery Professionals. Julie deals with all aspects of Corporate Recovery and turnaround work and takes all form of personal insolvency appointments.