Posted on 20 November 2013
East Midlands based manufacturer of condiments and seasonings has been placed in administration with accountancy and business advisory firm Smith Cooper.
Dovedale Foods Limited was established in June 2010 and produced a range of ‘Free From’ cooking sauces and condiments which were all vegan, gluten, wheat and dairy free. During trading, the business gained almost instant recognition winning an award in the prestigious “Freeform Food Awards 2012” and building an excellent reputation and relationships with both customers and businesses, who would have been very disappointed to see the business ceasing to trade.
Despite their success in the market, the company encountered cash flow difficulties and the director was left with no choice but to seek advice after the business was unable to secure an increase in finance.
Dovedale Foods Ltd approached Michael Roome, Director of Business Recovery and Insolvency at Smith Cooper, one of the Midlands’ leading firms of accountants and business advisors in October 2013.
Michael Roome, Director at Smith Cooper commented: “it was apparent that in order for the business to survive a purchaser needed to be sought to acquire the business and assets. We undertook an accelerated marketing process and an offer was forthcoming from Ethical Blends Limited, an independent third party, which would effectively ensure the continuity of the business as a going concern”.
Peter Ascroft, Managing Director at Ethical Blends, added “e continue to look for opportunities to complement our existing business and Dovedale is such a company ,being well positioned in an expanding market sector. We were able to complete the process over a period of three days therefore causing minimal disruption. We are confident that with our additional support, the business will continue to grow and expand.
Smith Cooper were assisted in undertaking the transaction by Paul Dodds, a Partner and Head of Dispute Resolution, at Else Solicitors in Burton on Trent.