Ian Corfield and Philip Reynolds of FRP Advisory were appointed as joint administrators for Krush Global Limited on Monday 9 January. On their appointment they secured a pre-pack sale of the company to an investor group.
Sites at Canary Wharf and Westway as well as the concession within the Everyone’s Active gym at Winchester will be closed, and the administrators will continue their work to maximise the returns to creditors from the remaining assets of the business.
More than 160 jobs have been saved following the deal.
The identity of the buyers was not disclosed.
According to Companies House, co-founder James Learmond and Melissa Learmond were stil listed as people with significant control at the time of going to publication.
Meanwhile Kg Investco, an entity linked to Crussh investor Hattington Capital via director Frederick Glotz, ceased to have significant control as of December 2022.
Chairman Janothan Hart, who joined as part of the Hattington investment, also resigned in December 2022.
Simon Foster left as CEO last year.
At its pre-pandemic peak, Crussh had 30 sites, but more recently traded from 11, as well as providing products to major retailers across the UK.
The business was first established in 1998 and, like many hospitality and particular food to go businesses, was significantly impacted by the pandemic.
The sale of the business will allow the brand to continue with the vast majority of employees transferring to the new owners.
Ian Corfield said: “We are pleased to have secured a positive outcome for a long-established business that has sought to navigate through the range of challenges facing the hospitality and catering sector because of the pandemic. Crussh is a well-known and strong brand, and the deal ensures that trading will be unaffected with the continuation of supply to customers and the vast majority of sites and employees transferring across to the new owners. We wish the new management team every success as they take the business forward.”
Reflecting the short shelf life of the products sold by Crussh, FRP and the new investors are working cooperatively to maintain customer supply through a short transitional period.
Kunal Gadhvi, restructuring and insolvency partner at Irwin Mitchell, advised FRP throughout the transaction.
Hilco Valuation Services offered valuation advice in respect of Machinery and Business Assets, Real Estate and Intellectual Property.
