Derby-based Parry Group said this morning that it has secured the future of the business after completing a buyout and restructuring of the company.
Catering Insight understands that insolvency practitioners Wilson Field were appointed last week to facilitate a pre-pack administration designed to ensure the continuity of the business and protect jobs.
The catering equipment manufacturer confirmed that a new business entity called ‘Parry Catering Equipment (Midlands) Ltd’ has completed the acquisition of Parry Group Ltd and will be led by MD, Mark Banton.
The new business will continue to operate from the manufacturer’s Draycott site, with the company reporting it will be “providing the same high standard of service that has built its reputation over the past 70 years”.
The move means that no redundancies will be necessary and that employees pension pots are safe, as the previous company had a financially-crippling legacy final-salary pension scheme, the beneficiaries of which continue to be protected by the Pension Protection Fund.
Banton detailed: “I am really pleased that we have managed to secure the business’ future for our employees and loyal customer base. This is an exciting time and we are anticipating a bright future.”
The acquisition and new structure allows Parry to move forward without hindrance for its employees and customers.
Parry manufactures everything from fryers to fabrication and furniture, covering all catering and clinical requirements.