Jobs saved after gift company acquired

Jobs saved after gift company acquired

About 200 jobs have been saved after an importer of floral supplies, giftware, glassware, silk flowers, pottery, homewares and seasonal products was bought out of administration by a Leicestershire counterpart. However, store closures have also been announced.

Leeds-based CB Imports, which also trades as Country Baskets, entered administration on 26 November 2020 with Chris Petts and Richard Lewis of Grant Thornton UK appointed.

The company operates from eight locations, was established in 1990, and is headquartered in Ardsley Mills, East Ardsley.

Following their appointment, the joint administrators agreed the sale of the majority of the business and assets of CB Imports as a going concern to APAC, which is headquartered in Rothley, Leicestershire.

The transaction sees five of the eight stores transfer to APAC, with the remaining three sites in Bristol, Gateshead and Loughborough to close.

The acquisition will ensure about 200 jobs will be retained and operations continue at the Leeds, Astley near Manchester, Stourbridge near Birmingham, High Wycombe and Glasgow premises.

APAC is a family-run business set up more than 60 years ago which sells to the florist, party, garden centre and horticultural industries.

Sarah Wragg, managing director of Country Baskets, said: “I would like to thank each and every member of our staff for their dedication, commitment and support that they have shown the company through these very difficult and unprecedented times.

More:  Social housing tech firm acquired

“Although I am very sad that we are closing three of our stores, I am pleased that the future of Country Baskets is now certain securing around 200 jobs.

“As we approach 2021, I am confident that the new the company will continue to provide great value services and products and look forward to what the future holds for Country Baskets.”

Petts added: “We are very pleased to have completed a going concern sale of large parts of the business, which secures the continued employment for a loyal workforce in these challenging economic times, particularly in the run up to Christmas.

“APAC appears to be a very good home for the business and will hopefully oversee a turnaround in its trading fortunes.”

The administrators were advised on the transaction by the Pinsent Masons team in Leeds. APAC was advised on the transaction by Gateley in Birmingham.

More from: | Category: M&A News