Production had already restarted at Frank Dale Foods’s factory near Attleborough, Norfolk, and new accounts had opened with customers and suppliers, said Finedale Foods director Edward Miles.
“The team on site are working extremely hard to satisfy a backlog of customer orders and we will continue to build the Frank Dale brand,” said Miles.
‘Continue to build the Frank Dale brand’
Miles looked into buying the manufacturer before it went into liquidation, but the extent of its financial problems made it impossible, he said.
Frank Dale Foods recorded a £500,000 loss in 2016, after production difficulties meant orders went unfulfilled.
“Buying the business and assets out of liquidation made sense and I am delighted to be the successful bidder with support from Angel Investors, New Anglia Capital and the local council who all worked quickly to support the bid,” Miles added.
Business rescue and insolvency firm McTear Williams & Wood, which represented Frank Dale Foods, said the deal would “result in a significant dividend to creditors, so we see this as a win-win outcome”.
Appoint a liquidator
The manufacturer of savoury and dessert canapés called a creditors’ meeting last month to appoint a liquidator. More than 50 jobs were at risk, before it was bought by Finedale Foods on March 1.
At the time, Frank Dale Foods chairman Nigel Cushion said: “Sadly, time has run out for the company, but we are hopeful that a buyer can be found for the business and assets, so jobs can be saved. That is the board’s main focus now.”
Meanwhile, Frank Dale Foods secured a £675,000 investment in 2014, creating 15 jobs. The company said at the time the funds would double the business’s turnover to £7M by 2019.
- Bought by Finedale Foods
- ‘Most’ of 57 jobs secured
- Appointed liquidator last month