Wednesday January 11, 2023
More than 160 jobs have been saved following the sale out of administration of national healthy food and juice bar business Krush Global Limited which trades under the well-known brand name, Crussh.
Our Restructuring Advisory Partners, Ian Corfield and Philip Reynolds were appointed as Joint Administrators for Krush Global Limited on Monday 9 January. On their appointment they immediately secured a pre-pack sale of the company to an investor group.
Crussh operates from 11 sites as well as providing products to major retailers across the UK. The business was first established in 1998 and, like many hospitality businesses, had been 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, Partner at FRP 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.
Under the terms of the sale, 8 sites will transfer over to the new owners. The 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.
Kunal Gadhvi, restructuring & 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.