The Real PIE Company Ltd (07716305): administration
- Status
- Administration ended
- Administration began
- 2018-07-25
- Administrators
- Joanne K Rolls, Trevor John Binyon
- Administrators' firm
- Opus Restructuring
- Incorporated
- 2011-07-25
- Location
- Crawley
- Industry
- 10710 Manufacture of bread; manufacture of fresh pastry goods and cakes
Why it went into administration
- Loss of a key customer, supplier or contract
From the administrators' statement
The Company's management became aware for the first time in the week beginning 25 June that Crantock had got into financial difficulties. Grant Thornton had been appointed to advise Crantock and were seeking a buyer or investor. The Company's managemen accelerated a project that was already in place to identify alternative / back-up suppliers and also considered other options fo maintain supply in case Crantock failed to continue manufacturing even though Crantock'’s MD had indicated that there were three potentia purchasers all of whom would continue supplying Real Pie at least on an interim basis.
By 6 July 2018 it became clear that no buyer was going to complete a purchase o Crantock as a going concern and manufacturing operations were going to shut down imminently. At that point, It was sull gaing to take time for the Company to source produc from alternative suppliers with viable pricing and still awaited terms from certain alternative suppliers There was a possibility that the Company could restart production itself but no available, ready-equipped kitchen could be found and producing again a Rutherford Way was uncertain because it was dependent on approval by the Environmental Health Office ata site visiton 9 July 2018.
At the same time, cash in the business had become very tight as a result of costs and inefficiencies related to the structural transition from sub-contract to manufacture and the
Administrators' statement of proposals (2018-09-07) · Companies House register