Tuesday, April 23, 2024

Pre-pack sale secured for Northampton packing solutions business

A Northampton packing solutions business has been sold in a pre-pack administration deal.

Deviesh Raikundalia and Tyrone Courtman of RSM UK Restructuring Advisory LLP were appointed joint administrators of Universal Supply Chain & Solutions Limited on 12 March 2024 and have secured the sale of the business and its assets.

Based in Northampton, the company is a family-run business specialising in the co-packing industry and providing full supply chain logistics fulfilment as well as flexible warehousing. The company specialised in dealing with seasonal promotions and latterly diversified into food and cosmetics packaging.

RSM UK were appointed administrators following issues caused by the impact of Brexit, Covid and the Ukraine War, and more recently, the loss of major supermarket orders. The trading business and assets of the company were sold to Universal Food, Beverage and Luxury Gift Packaging Limited, an entity connected to the former director.

The company employs a full time management team of 13 staff and utilised up to 200 agency staff during peak times. All jobs have been saved as part of the sale.

Deviesh Raikundalia, RSM UK restructuring advisory director and joint administrator, said: “Universal Supply Chain & Solutions Ltd is an established company in the East Midlands, and it is unfortunate they have suffered over the last few months due to factors outside of their control.

“Given the ongoing business challenges, we are pleased to have helped save the future of the company, which will ensure continuity of service at the specialist facility and, more importantly, preserves employment for its skilled workforce.”

Prakash Mistry of Universal Food, Beverage and Luxury Gift Packaging Limited, said: “Unfortunately we experienced a period of downturn in the business caused by the loss of a few lucrative contracts.

“With the help of RSM, we are pleased that Universal Foods have acquired the business as well as the assets, securing employment for all of the employees and staff, and allowing continuity of supply to our loyal customer base with little disruption.

“With the continued support of our key stakeholders, we will be able to offer high standards of quality and service, including investing in new equipment to improve efficiencies over the next few years.”

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