Transworld Specialties Incorporated Limited has been bought by its managing director Paul Heppner after going into administration earlier this month.
The catering and bar supplies company has had to battle challenging trading conditions in recent times and was forced to call in administrators RSM Tenon Recovery on 13 November, according to Companies House filings.
However, the business has now been rescued after Heppner purchased the assets from the administrator, including the intellectual property rights, trading name, website and key contact numbers.
In correspondence sent to customers yesterday, and seen by Catering Insight, Heppner said the stock had been moved from Bracknell to a managed warehouse facility in Hook, Hampshire.
He confirmed that he has managed to retain all key members of staff and said that the product range would be cut from 1,800 to 800 stocked products in order to re-establish the original USP of the company.
“I would like to take this opportunity to thank all our customers who have supported us with continual orders and opportunities, in spite of our poor performance, through what has been a particularly difficult time,” he wrote.
TSI was formed in 1982 and originally operated from Covent Garden in London. It was set up after its founders spotted an opportunity to import high quality American catering and bar equipment and supplies to the UK market.
Brands listed on its website include Pardini, Celsius, Lodge, Moni and CDN.
In his correspondence, Heppner wrote that the business is committed to serving the market with the products they need.
“Obviously we have a major job to do in re-establishing the trust of our customer base and while this can’t be an instant change over time stock availability will improve. Place an order and get next day delivery is our ultimate goal,” he wrote.
Mr Heppner was unable to be reached for further comment at the time of publication.