Date Published: 16th November 2012
More than 30 jobs have been saved in Bristol by the successful sale out of administration of a fresh and frozen fruit and veg supplier.
Burtons Go Bananas Ltd, who supply over 400 customers including local restaurants and hotels, has been successfully sold to Bristol Fruit Sales (Market) Ltd t/a Total Produce Bristol. The sale was managed by Neil Vinnicombe and Simon Haskew, partners at corporate recovery specialists Begbies Traynor.
Jason Burton, who following his father’s recent illness has been running the business will continue to play a role in running the business.
The sale of the £4m turnover business, which was secured through a sale out of administration, has protected the jobs of all staff for the foreseeable future while also securing the best possible outcome for creditors.
Neil Vinnicombe said: “The business was suffering from cash flow difficulties and following the threat of withdrawal of support from major suppliers it became clear that administration and subsequent sale was the only realistic option for ensuring the continuity of business, preserving jobs and securing as much as we could for creditors. Had the sale not been achieved the company would have to be placed into liquidation and all jobs lost.”
Bristol Fruit Sales (Market) Ltd t/a Total Produce Bristol are part of Total Produce plc, a major national fruit and vegetable supplier. The purchaser has taken a three month licence to occupy the freehold premises in Avonmouth owned by Burtons go Bananas Ltd, whilst a buyer is sought for the building. Any interest in the property should be directed to the joint administrators.
Burtons Go Bananas Limited had been trading for 16 years, having traded as a partnership prior to incorporating in 2005. The sale was completed on 13 November 2012.
Neil joined Begbies Traynor in 2003. He successfully sat the JIEB exams in 2005 and is a Licensed Insolvency Practitioner. He has 29 years' insolvency experience having previously worked at KPMG, Ernst & Young and Grant Thorton in Bristol.
He has a broad range of experience in Corporate Recovery and Rescue and works from the Bristol and Bath offices.