Tillery Valley Foods Limited (02065462): administration
- Status
- Administration ended
- Administration began
- 2023-05-17
- Administrators
- Timothy Bateson, William James Wright
- Administrators' firm
- Interpath Advisory
- Formerly
- Keyrare Limited
- Incorporated
- 1986-10-20
- Location
- Nottingham
- Industry
- 10890 Manufacture of other food products n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- Property / lease costs
- Rising costs / inflation
- Energy costs
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 20 October 1986 and operated from a site in Abertillery, South Wales producing and supplying nutritionally balanced meals to the healthcare, education and local authority sectors, including to 30 NHS Trusts across England.
In August 2021 the Company was acquired by Joubere Food Group Limited from Sodexo Holdings Limited. Joubere Food Group Limited is owned by its directors, being Andrew Morgan, Stephen Bolton, Elliot Mosafi, Abraham Gelley and Charles Blackbourn. Andrew Morgan and Stephen Bolton are also directors of the Company. Elliot Mosafi, Abraham Gelley and Charles Blackburn are also directors and owners of GQS who are a secondary secured creditor of the Company. The acquisition was funded via a combination of funds injected by GOS and Arbuthnot.
In December 2022 as a result of increasing cashflow pressures the Company entered into a sale and leaseback transaction for the site in Abertillery as part of a wider turnaround plan. This sale was completed at £1.5 million to Cable Property Mgmt Limited, a related party by virtue of common ownership and directorship with GQS.
Administrators' statement of proposals (2023-07-03) · Companies House register