No financial details were revealed on the deal. The transaction provided a solvent sale of the non-edibles division, which employs 185 staff.
Anthony Collier and Simon Farr from FRP, the specialist advisory frim, were appointed as joint administrators to Food Innovations Holdings Limited and Food Innovations (Manufacturing) Limited, which together made the group’s edibles division, on Monday 12 September 2022. The division was closed with immediate effect.
Financial challenges
FRP said the non-edibles division was marketed for sale in recent weeks as it sought fresh, independent investment following the financial challenges faced by the rest of the group.
Collier and Farr were appointed as Joint Administrators to holding company Food Innovations Baking Group Limited on 27 September 2022 and immediately completed the share sale of Doric Crimped Limited, Doric Crimped Properties Limited, Doric FPD Limited and Doric Cake Crafts Limited.
Collier, partner at FRP, said: “The non-edibles division of Food Innovations Group has been trading well despite the challenges facing the rest of the business.
Pedigree
"We are pleased to have quickly found a buyer of such pedigree in the industry that can take on the business and provide a solvent solution for the employees, suppliers and other stakeholders of the Group. Of course, it provides a great strategic fit for Culpitt to further expand its non-edibles offering. We wish the new combined business all the best in the future.”
Tom Wylie, managing Director of Culpitt said: “I am delighted to welcome The Doric businesses to the Culpitt Group. We have charted their progress and admired the business for many years and have always viewed such an acquisition as a perfect fit. The acquisition brings together talented groups of people, complimentary product ranges and the opportunity to bring economies of scale which can only be positive news for our collective customer base.”
