DISTRIBUTOR OF ITALIAN FOOD
Based in in the South East, this food distribution business has always focused on the rarest, highest quality products from all corners of Italy. It specialises in showcasing the very best of Made-in-Italy creations to the English market, honing in on the metropolitan area of London, and is able to do so as a result of its comprehensive network which is the perfect distribution platform for its exclusive supplier relationships.
The business’ clients include some of the best hotels and restaurants in London, who value its unique ability to bring them consumer-centred products and on-trend products from top brands and producers.
Unfortunately, as with many businesses within the food & beverage market, the Covid-19 pandemic has proved catastrophic as its client base has been forced to close for long periods of time due to the previous and continuing government mandated lockdowns. This has resulted in the Company having lost relationships with some suppliers as well as loss of contracts causing it to be unable to satisfy its customers with the food specialties that it previously offered when its customers were able to open during the summer and early autumn.
Furthermore, the effects on customers of the enforced closure has meant that the business has suffered a material reduction in the number of customers that have been forced to stay closed, many of whom many not re-open or if they do re-open may not achieve pre-Covid sales for at least the short term. As a consequence, even where customers have been able to trade, the Company has not been able to supply them with the same quality or quantity of product as the impact on cashflow has meant that the business has been unable to afford to buy and retain the stock it was previously known for supplying.
With no definitive timetable for customers being able to open, and very little prospect of previous levels of trade returning until at least the 4th quarter at the earliest, the Directors have engaged Williams & Partners Ltd to find a buyer for the business and goodwill out of administration as a going concern, or alternatively to find a buyer for the assets on a break-up basis.
If you are interested to know more about the above opportunity, we are able to offer a short period to undertake a limited amount of due diligence. However, please note that offers must be received by no later than 12:00pm on Wednesday 24 February 2021 with a sale concluded by no later than close of business on Monday 1 March 2021 and therefore only parties that are able to work within this time frame should respond. Williams & Partners Ltd reserve the right to close the bidding early or extend the deadline, without liability.
Preference will be given to companies currently within the food distribution industry as we would consider that knowledge of the industry is essential to the future success of the business.
Due to the confidential nature of this sale, interested parties will be invited to sign a non-disclosure agreement before further details can be released.
If you are interested in finding out more about the above opportunity, please contact Antony Berg of Williams & Partners Ltd, Valuation and Insolvency Agents on 020 3195 1407 or 078 0303 5445 or write to me at antony@wapl.co.uk