KPMG restructuring partners Will Wright and Mark Orton were appointed joint administrators of Cinderford abattoir and food processing business Ensors Gloucestershire Ltd on Friday 6 September.
Following their appointment, the administrators sold the business and its assets, primarily the three acre freehold site with 80,000 sq ft factory and plant and machinery in Cinderford, to Foyle Food Group Limited. The sale has secured the jobs of all 136 employees at Ensors, who will transfer over to Foyle.
Steve Leyman, Managing Director of Ensors, said: “The Foyle Food Group is a very progressive family business and have pledged their support to the workforce and beef producers.”
Will Wright, joint administrator and restructuring partner at KPMG 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.
“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.”
Notes to editors:
For press enquiries please contact
Zoe Sheppard, PR Manager at KPMG: +44 (0)117 905 4337
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.