Administrators from The P&A Partnership have sold three Bradford based food businesses in a pre-pack deal, saving 98 jobs.
Gareth Rusling and Chris White were appointed joint administrators to Pakeezah Superstores Ltd, Pakeezah Meats Ltd and Pakeezah (Girlington) Ltd on April 12 and sold the businesses immediately on appointment.
Asset consultants Charterfields conducted negotiations on behalf of the administrators and advised on the sale of the assets of the business.
Chris White, who confirmed that the businesses had been bought by a company set up by one of the previous directors, said: “As a result of the deal all jobs at the two food stores and Halal meat processors have been saved. The three businesses together had sales of more than £14m last year but unfortunately got into financial difficulties because of significant cash flow problems.
“The administrators are writing to all creditors to inform them of the sale.”
The P&A Partnership is a leading specialist business turnaround and insolvency firm with offices across the UK and in London. Their support for businesses includes restructuring, finance brokering, debt collection and selling assets.