The threat of possible enforcement action by HMRC led to the directors of Parry Group calling in insolvency practitioners last week to secure the company’s future, Catering Insight has learned.
The Derby-based catering equipment manufacturer feared growing pressure from HMRC after experiencing a difficult trading period that resulted in the accumulation of VAT arrears.
But after bringing in business recovery specialist Wilson Field the company was sold as a going concern to a new entity called by Parry Catering Equipment (Midlands) Ltd to ensure its survival.
The move has saved all 70 jobs at the company, including the positions of many staff that had been there for up to 30 years, and led to a better financial outcome for creditors.
The full story, reported by Catering Insight’s sister publication FEJ, can be found HERE.