Published: 25th February 2008
The four-strong team all worked for specialty frozen food manufacturer Medway Foods Ltd that operated three factories in Whitstable, Sheppey and Bridgend before falling into the hands of receivers.
Emma Crowther (sales director) and Philip Stanton (sales director) along with Ceri Smith, (finance director) and Mark Jones (operations director) have become majority shareholders of a new company – Pin-it Pastry Ltd - that has acquired the goodwill and assets of Medway Foods Bridgend pastry factory.
The company is a specialist in manufacture of turnovers and other frozen pastry products that are sold to wholesale bakers and food suppliers.
The deal that was structured by Will Arnold and Jim Whittaker of BTG McInnes Corporate Finance has been backed by Five Arrows Commercial Finance.
“This is a new start for the best aspects of Medway Foods, and it means a future for dozens of skilled Welsh workers” said Philip Stanton.
“We have a very committed expert workforce and excellent niche products. Trading as Pin-it, the new company will be focused on a market we know very well with the highest quality product range,” added Emma Crowther.
The new firm already has orders and can count many major food manufacturers as customers following urgent rescue talks to ensure the continuation of production in Bridgend.
Will Arnold of BTG McInnes, who advised management said; “The rescue of a viable business with respected products by the people who know this operation so well is the best possible outcome for all concerned.
“The business has a great product range, excellent reputation and is able to trade from day one, in a position to excel in a niche the board knows inside out.”
Richard Fergusson and Paul Johnson of Keeble Hawson provided legal advice to management.
Medway Foods struggled to survive tough times despite the excellent trading of its Bridgend plant and pastry products, largely due to the underperformance in its cooked meat and other prepared foods factories in Sheppey and Whitstable that will not be acquired in the deal.
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 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.