Duff & Phelps is pleased to announce that it recently completed the sale of the business and assets of Solstice Limited ("Solstice" or "the Company") to Hamsard 3471 Limited, a newly formed subsidiary of Reynolds Catering Supplies Limited ("Reynolds").
About the Company
Solstice operates as a high-end fruit and vegetable distributor to prestigious London restaurants and hotels, sourcing fresh produce from the UK and Europe.
The Company experienced cash flow difficulties following relocation to larger premises. As part of the relocation and expectation of continued growth, the Company invested in fit-out costs and new equipment, further acquiring debt. However, the business did not achieve sufficient revenue growth to sustain the increased overheads and debt servicing costs, and subsequently required a new partner to help grow revenue.
Duff & Phelps' Role
Michael Bills and Benjamin Wiles, Managing Directors at Duff & Phelps, led the sale transaction. Following an accelerated M&A process, Duff & Phelps sold the business and assets to Reynolds Catering Supplies Limited, one of the UK's leading independent fresh fruit and vegetable suppliers. The transaction preserved the jobs of all 62 Solstice staff members based at their facility in South Wimbledon, London.
Tony Reynolds, Managing Director and Owner of Reynolds, commented: "Both businesses share similar family values of excellent quality and service, but have their own, unique and enviable customer base. I am incredibly excited about the opportunities which lie ahead and would like to welcome the team at Solstice to the Reynolds’ family."
Benjamin Wiles, Managing Director at Duff & Phelps, commented: "We are pleased to announce the successful sale of the Solstice business to Reynolds, which has facilitated business continuity and has preserved the jobs of the entire Solstice workforce. We expect the business to strengthen under its new ownership."
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As Administrator, Duff & Phelps sold majority of the business and assets to Hilding Anders Holdings Limited, saving the jobs of over 100 employees.
Duff & Phelps achieved a business turnaround following 18 months of trading, during which time the theme park and additional properties were developed through investment of £35m. Exit was via CVA which enabled dividend to be paid to unsecured creditors.
The company experienced working capital difficulties prior to Administration. Duff & Phelps was appointed Administrator and successfully led the sale to Visionscape Group, preserving the jobs of all staff.
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