Jobs saved as Norfolk business sold
A successful sale by Charterfields of a forty year old flexographic packaging and printing company in the Norfolk area helps secure 25 skilled jobs.
This specialised business had been trading well, with sales of over £3m per annum, until the sudden loss of a major contract. The directors sought advice from insolvency practitioners, KSA Group, and it was agreed that, regrettably, the company was no longer viable. Having considered all options available to the company with its directors, it was decided that a sale of the business and assets to a non-connected trade buyer was the most appropriate solution. Unfortunately, however, due to short term cash flow challenges, specifically the need to fund weekly paid employee wages, the timescale for action to secure a buyer prior to cessation of trade was extremely short.
Charterfields were instructed to attend the company’s site, assess the business and its assets and advise on the most appropriate method for marketing the business and assets for sale, together with a contingency sale plan in case a business buyer could not be found.
The marketing strategy was designed to minimise cost while maximising exposure of the opportunity to the market. Given the timescale available, and the pending bank holiday weekend. The marketing material was made available to all potential interested parties within 24 hours of Charterfields instruction.
Despite the restricted timescale for marketing, sales negotiations were concluded over the subsequent bank holiday weekend, to a successful conclusion, the business and assets including goodwill, intellectual property, stock and equipment were sold to a trade buyer in the same industry, which was not connected to the company or its directors.
Roger Cutting, Charterfields Director, commented “This was a pleasing result in challenging circumstances, not least in respect of the protection of the jobs of more than twenty-five specialised and highly skilled staff.”
For more details on Charterfields Business Recovery support, click here.