MANCHESTER - Duff & Phelps has completed the sale of the business and assets of the Chester site of Tasties of Chester Limited from Administration. The successful transaction has saved the jobs of all 188 staff, primarily based at their facility in Sandymouth, near Chester. Steve Muncaster and Trevor Birch, Managing Directors at Duff & Phelps, were appointed Joint Administrators and led the process.
Tasties operated from two sites in Heathrow and Sandymouth, near Chester specializing in the preparation of sandwiches, toasties, salads and other food-to-go products, servicing a customer base ranging from retailers, airlines and railway franchisees.
The business had suffered cash flow difficulties following the opening of a second state-of-the-art facility in Stockley, near Heathrow, in 2016. The site in Stockley was sold by the Company to a trade buyer prior to the Administrators appointment. This sale had already resulted in 91 jobs being preserved.
Steve Muncaster, Joint Administrator and Managing Director at Duff & Phelps, commented: “The Tasties deal was a complex transaction due to the separation of the two sites and the involvement of numerous stakeholders. We are pleased that we have been able to assist the Company and its stakeholders in facilitating a solution that has preserved the Chester business and, most importantly, secured the jobs of 279 employees across the two sites."
The Chester business and assets of Tasties has been sold to a newly formed company, Street Eat Foods Limited, which will operate the business going forwards.
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M&A advisory, capital raising and secondary market advisory services in the United States are provided by Duff & Phelps Securities, LLC. Member FINRA/SIPC. Pagemill Partners is a Division of Duff & Phelps Securities, LLC. M&A advisory and capital raising services in Canada are provided by Duff & Phelps Securities Canada Ltd., a registered Exempt Market Dealer. M&A advisory, capital raising and secondary market advisory services in the United Kingdom and across Europe are provided by Duff & Phelps Securities Ltd. (DPSL), which is authorized and regulated by the Financial Conduct Authority. In Germany M&A advisory and capital raising services are also provided by Duff & Phelps GmbH, which is a Tied Agent of DPSL. Valuation Advisory Services in India are provided by Duff & Phelps India Private Limited under a category 1 merchant banker license issued by the Securities and Exchange Board of India.