A food processing business and its assets have been bought out of administration as part of a pre-pack deal which has secured 136 jobs.
Will Wright and Mark Orton, restructuring partners at KPMG, were appointed joint administrators of Cinderford abattoir and food processing business Ensors Gloucestershire Ltd on 6 September 2013 following cashflow issues.
In a statement, KPMG said Wright and Orton sold the company and its assets, primarily the three acre freehold site with 80,000 square foot factory and plant and machinery in Cinderford, to Foyle Food Group Limited.
The sale has secured the jobs of all 136 employees of Ensors, who will transfer to Foyle.
Wright said: “After suffering cashflow problems due to the loss of a significant contract and investment in an acquisition that failed to deliver the anticipated benefits, this long established family business was unable to continue trading and a solvent sale was not possible due to the levels of debt in the business.”
He added: “The sale of the business via ‘pre-pack’ has enabled the continued employment of all 136 staff and will mean work at the abattoir and processing plant will continue under new ownership.”