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50 Jobs Saved In Sale Of Local Business
Published on: 22 May 2007
Business recovery experts Portland today confirmed that 50 local jobs have been saved at fresh food wholesaler Nature's Way Marketing. Following their administration appointment shortly before Christmas, Portland, the largest independent business recovery firm in the South, has successfully sold the business of the Chichester based wholesaler to a competitor.
Nature's Way Marketing has a modern warehouse facility on the Chichester Food Park and serviced a number of national customer accounts. Turnover had begun to decline from a previous high of £25m, leading to trading losses. Portland was called in by the company directors to assist in finding a new owner that could take the business forward. The purchaser is a joint venture between Hilliard Bros from Ewell and Premier Fruits based in Covent Garden.
Portland administrator James Tickell commented: "I was both pleased and relieved to be able to conclude this sale. The Chichester facility is impressive but there are associated costs in operating it. With the need to find someone who could rebuild turnover and the increasing demands of national customers, there was always a limited pool of potential buyers. We tried hard, particularly to save the jobs of the great bunch of people who work here. We are now moving on to the creditor agreement process and the distribution of the realised funds to them as a dividend, which we will aim do as efficiently as possible."
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