Outside company helps Smithfield wholesaler
A Smithfield Market wholesale butcher has gone into administration but will continue trading after administrators achieved a pre-pack sale of the business.
Roswell and Lees Limited (R&L) has specialised in wholesale fresh and frozen meat for over 20 years and has supplied many well known restaurants and hotels in the South East.
However the company began to experience financial difficulties after losing a major contract in 2011, which accounted for 50% of their turnover.
Simon Thomas and Robert Pick of Moorfields Corporate Recovery LLP were appointed joint administrators and following a period of marketing, were able to secue a pre-pack sale of the business, protecting the trade and employees.
Simon Thomas, Moorfields partner, said: “Our early involvement meant we were able to guide the management team through a distressed situation, allowing us to reduce operations, protect the creditors’ interests and devise the most appropriate exit strategy.
“Had we not been involved at an early stage, it is likely trade would have ceased and the goodwill value of the business would have been lost.”