Administrators from RSM Restructuring Advisory LLP have completed the sale of certain assets of Indulgence Patisserie Limited (in Administration) to Volvere plc.
Abigail Shearing and Steven Law were appointed as administrators of Indulgence Patisserie on 20 January 2020. Indulgence’s principal activity is the manufacture of premium desserts for the retail and foodservice markets. It was founded in 1988 and operates from one leasehold and three freehold properties in Colchester, Essex.
Volvere is a listed growth and turnaround investment company. The trading assets of Indulgence will be held in a wholly owned subsidiary of Volvere, which will trade under the name Indulgence Patisserie Limited (“Newco”) while the property assets will be held in a separate wholly owned subsidiary of Volvere.
Indulgence has a number of clients in common with Shire Foods Limited, Volvere’s pastry products business, and it is expected that there will be opportunities for both businesses arising from the Transaction.
The sale means that the business will continue to trade as a going concern, securing the jobs of 30 staff.
Commenting on the sale, Steven Law, a partner from RSM Restructuring Advisory LLP and one of the joint administrators of Indulgence Patisserie said:
‘Given the challenging position that the company found itself in, the sale of the business to Volvere is a very positive outcome. The creditors will receive a substantial return, the existing staff will retain their jobs, and the business will continue to supply its customer base.’
Jonathan Lander, Chief Executive Officer of Volvere, said:
‘We are delighted to be making this investment in a well-known, highly-regarded desserts manufacturer. As well as offering the customers of both Indulgence and Shire Foods a broader product portfolio, the investment strengthens Volvere’s manufacturing base. We are looking forward to working with Indulgence’s customers and staff and building on their progress to date.’