The business and assets of Real Good Food plc and its bakery ingredients unit JF Renshaw have been acquired by the UK division of Bakels Group.
That disposal essentially left London-listed Real Good Food with only the JF Renshaw operation, which supplies cake decorations such as marzipan, icings and caramel to retailers and the foodservice channel.
A spokesperson for administrators Interpath Advisory emphasised the transaction by British Bakels only includes the businesses and assets of Real Good Food and JF Renshaw, advising Just Food the shares in the former remained suspended from trade, as announced last week.
The jobs of “around” 200 workers at the JF Renshaw plant in Liverpool have been saved in what amounts to a pre-pack administration deal, the spokesperson confirmed.
Terms for the transaction were not disclosed.
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James Cawthorne, the managing director of British Bakels, said in a statement today (4 December) from Interpath Advisory: “We are delighted that JF Renshaw, internationally known as a top quality producer of icings and marzipan, has joined the Bakels Group, bringing together two well-known brands with a combined history of close to 250 years.
“We look forward to working with our new colleagues to develop the concept of ‘Renshaw from Bakels’”.
Bakels Group is a privately-owned bakery ingredients manufacturer, headquartered in Switzerland. British Bakels is located in Bicester, a town in the south-east county of Oxfordshire.
The business supplies bread and rolls, baking products and cake and pastry ingredients. It serves retail, private label and B2B customers. Set up in 1904, the Bakels Group has more than 3,000 employees worldwide.
Rick Harrison, managing director of Interpath Advisory and the joint administrator, added: “With a heritage dating back 125 years, JF Renshaw is well known for its range of baking ingredients and cake decorations. We’re pleased to have been able to conclude this transaction, which will enable trade to continue, and which safeguards employment for its workforce in Liverpool.”
Today’s statement reiterated some of the difficulties Real Good Food has faced which were outlined over the past few weeks.
“Real Good Food plc and JF Renshaw Ltd. have been adversely affected by challenging trading conditions. In response to these challenges, the directors sought to undertake a review of their strategic options, including a potential sale of the shares or the business and assets of JF Renshaw, as well as sourcing external funding.
“Given the limited time-frame available, it became clear that it would not be possible to conclude a transaction on a solvent basis and as such, the directors took steps to seek the appointment of administrators.”