Indulgence Patisserie has a new owner just weeks after the UK-based desserts manufacturer went into administration.
Administrators RSM Restructuring Advisory said in a statement London-listed investment house Volvere has agreed to acquire the branded and private-label business for an undisclosed sum, securing the jobs of all 30 staff. RSM was appointed as administrator on 20 January led by Abigail Shearing and Steven Law, but had declined to provide reasons behind the decision when contacted by just-food.
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Law commented in the statement announcing the rescue: “Given the challenging position that the company found itself in, the sale of the business to Volvere is a very positive outcome. The creditors will receive a substantial return, the existing staff will retain their jobs, and the business will continue to supply its customer base.”
Indulgence Patisserie was founded in 1988 and supplies the retail and foodservice channels with its frozen and chilled desserts. The company operates one leasehold facility and three freehold properties in Colchester, Essex, according to the statement from RSM.
“The trading assets of Indulgence will be held in a wholly-owned subsidiary of Volvere, which will trade under the name Indulgence Patisserie Ltd. (Newco), while the property assets will be held in a separate wholly-owned subsidiary of Volvere,” RSM said.
Volvere also majority owns pie and pasty maker Shire Foods, which is based in Leamington Spa in the central England county of Warwickshire. The turnaround investor said it expects “opportunities for both businesses arising from the transaction” for Indulgence.
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By GlobalDataJonathan Lander, the chief executive of Volvere, added: “We are delighted to be making this investment in a well-known, highly-regarded desserts manufacturer. As well as offering the customers of both Indulgence and Shire Foods a broader product portfolio, the investment strengthens Volvere’s manufacturing base.”
