W POTTER AND SONS (POULTRY) LTD has been sold out of administration, saving 38 jobs.
The firm, which is a Warwickshire-based pullet and agricultural equipment supplier, was sold in a process managed by joint administrators Carolynn Best and Martin Buttriss, of insolvency firm Begbies Traynor.
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Before Begbies Traynor’s appointment, an accelerated marketing process had taken place, which generated a “significant amount of interest”, according to the firm.
It was ultimately sold by the joint administrators to “connected parties” on 4 June, the administrators said.
The company, which was established in 1971 and is a well-known supplier of poultry, agricultural equipment and pullets, had been experiencing “significant cash flow and creditor pressures” following the outbreak of covid-19.
It had also been hit by order cancellations and muted new sales demand, Begbies Traynor added.
Carolynn Best, a partner at the firm, said: “It is always heartening to see a long-established family firm rescued, especially when a significant number of jobs are at stake.
“The purchasers have reviewed and updated their sales and marketing strategies and are also considering new product ranges to complement the existing portfolio to allow the business to be more competitive in the marketplace.
“We look forward to watching their future progress.”
A number of professional advisers acted on the deal, including chartered surveyors, Eddisons Commercial and solicitors, Pinsent Masons in Birmingham.