Devon Sweet Factory Limited (10387992): administration
- Status
- Administration ended
- Administration began
- 2017-07-12
- Administrators
- Diana Frangou, Mark Guy Boughey
- Administrators' firm
- RSM
- Incorporated
- 2016-09-21
- Location
- Bristol
- Industry
- 10822 Manufacture of sugar confectionery
Why it went into administration
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 21 September 2016, specifically to acquire the business and assets of Crediton Confectionery Limited (“CCL”) under a sale and purchase agreement with the Administrators of CCL dated 25 October 2016. The acquisition was conducted by way of a “pre-pack” sale, which is where the business and assets are sold immediately following the appointment of administrators.
The Company is wholly owned by Danielle Ives (“the Director’) who is the daughter of former CCL 49.5% Shareholder and Director, David Ives. Mr Ives is not a Shareholder or Director of the Company, but was employed on a consultancy basis and is considered to have acted as a Shadow Director. We understand that a second and former previous shareholder and director of CCL, Mr Andrew Hunt, was also involved in the Company in an informal capacity.
The Company manufactured sugar based confectionery products, specifically toffee, fudge and bonbons for retail in the UK and European markets. It employed approximately 75 members of staff and trading was carried out from freehold premises at The Bristow Factory, Marsh Lane, Lord’s Meadow Industrial Estate, Crediton, Devon, EX17 1ET (‘the Property”). The Property was separately acquired at the same time as the purchase of the business and assets from the Administrators of CCL, and is subject to a legal mortgage in favour of the former owners of the property, the Bristow family.
Administrators' statement of proposals (2017-09-14) · Companies House register