Melton Mowbray-based Brands 2 Hands has been saved from administration by a pre-pack deal.
The Leicestershire firm operates in logistics for vending and catering, supply chain solutions and distribution and carries out remanufacturing of catering equipment, espresso equipment, vending machines, chillers and fridges, as well as offering asset management at its warehouse in Old Dalby.
On 4 August, Adrian Allen and Diana Frangou of RSM Restructuring Advisory were appointed joint administrators of Brands 2 Hands.
The decision to appoint administrators was made due to the company experiencing “substantial” cash flow difficulties.
Brands 2 Hands has now been purchased by an unconnected party, RBC East Midlands, in a pre-pack sale, which allows a business to be sold as a going concern, preserving the value of assets and debtors which often become more difficult to call in once an administrator has been appointed.
The deal sees all 79 employees being taken on by the purchaser, which will continue operating from the Leicestershire site.
RSM’s Allen, one of the joint administrators, said: “The sale allows all operations of the company to continue, whilst securing the jobs of 79 employees.
“It also represents the best outcome for creditors and ensures continuity of service for its customers.”